Emerging-market stocks advanced to a three-month high as China’s industrial production data beat estimates and concern over a United States-led strike in Syria eased.
Bloomberg News reported that India’s rupee capped the biggest four-day gain since 1973.
The MSCI Emerging Markets Index added 1.8 per cent to 991.36. The iShares MSCI Emerging Markets Index exchange-traded fund capped the longest rally since 2004.
The Benchmark equity gauges from India to Turkey and South Africa rose at least 1.8 per cent, while the Hang Seng China Enterprises Index entered a bull market.
Dubai’s DFM General Index posted the biggest increase among world stock measures. The rupee led gains among the 24 developing-nation currencies tracked by Bloomberg.
Stocks in emerging markets advanced for a fifth straight day after data showed China’s industrial output grew at the fastest pace in 17 months in August and the broadest measure of new credit almost doubled from July.
West Texas Intermediate crude tumbled as Syria agreed to a Russian plan to surrender its chemical weapons, easing concern of a US strike.
“A real hard landing, a real crisis in China is not in the cards, at least not in the near term,” Derrick Irwin, a portfolio manager of the Wells Fargo Advantage Emerging Markets Equity Fund, said in an interview at Bloomberg headquarters in New York. His firm manages $223.8bn. “When you see data like this, you get less worried.”
All 10 groups in the measure of developing-nation stocks rose as health-care and financial shares had the biggest gains.
