The iShares MSCI Emerging Markets Index exchange-traded fund was set for the longest rally in six years as data showed Chinese exports grew more than estimated.
Bloomberg News reported on Monday, that the Shanghai Composite Index climbed the most in nine months.
The developing-nation ETF added 1.3 per cent to $40.51 at 10:41 a.m. in New York in an eight-day rally.
The MSCI Emerging Markets Index rose by 1.6 per cent to 971.42, poised for the highest since June. Benchmark gauges from China to Thailand and Turkey gained more than 3.3 per cent, while Russia’s Micex Index advanced for a sixth day.
Brazil’s Ibovespa was on pace for a two-month high, led by commodity shares. Russia is said to be offering its first bonds in euros and benchmark debt in dollars.
Stocks joined a global rally as China’s exports increased more than estimated in August and inflation stayed below a government target, helping Premier Li Keqiang sustain a rebound in the world’s second-largest economy from a two-quarter slowdown.
Russia plans two bonds in euros and three in dollars, according to a person with direct knowledge of the offerings, who asked not to be identified because the information isn’t public.
“We’ve seen some good economic data coming out of China,” Timothy Ghriskey, the chief investment officer at Solaris Group LLC in New York, which manages over $1.5bn, said by phone. “This is certainly another positive development that perhaps we’re seeing overall growth improve.”
All 10 industry groups in MSCI’s emerging-markets gauge rose, led by industrial and commodity companies. The broad measure has climbed by four per cent in four days, trimming this year’s drop to 8.1 per cent, compared with a 13 per cent increase in the MSCI World Index.
