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Stocks rally in emerging markets

Stocks rally in emerging markets
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First Published: Mon, May 24 2010. 10 57 PM IST
Updated: Mon, May 24 2010. 10 57 PM IST
Hong Kong: Emerging-market stocks gained, lifting the benchmark index by the most in eight days, and commodities rallied on speculation China will delay efforts to cool economic growth. US stock index futures fell.
The MSCI Emerging Markets Index advanced 0.6% as of 10.14 am in London as the Shanghai Composite Index jumped the most in seven months. The Stoxx Europe 600 Index rose 0.3%, rebounding from a six-month low. Futures on the Standard and Poor’s 500 Index fell 0.5% after the US benchmark index advanced 1.5% on 21 May. Copper rose for a third day and palladium for a second day. The ruble strengthened the most since January against the euro. The euro declined against all 16 of its most-traded peers.
President Hu Jintao said China will move gradually and independently in changing the nation’s exchange-rate mechanism, as talks with the US opened in Beijing on Monday. China should be cautious in introducing new tightening measures because the global economic environment is complex, Xu Lianzhong, an official with the National Development and Reform Commission’s price monitoring center, wrote in a commentary published on Monday in the China Securities Journal.
The market is expecting a softening in the government’s stance on tightening given the uncertain outlook on global growth, said Larry Wan, Shanghai-based deputy chief investment officer at KBC-Goldstate Fund Management Co., which oversees about $583 million.
The Shanghai Composite jumped 3.5%, paring its retreat this year to 18%. The sensex advanced the most in two weeks as Citigroup Inc. said the benchmark may climb 10% by December.
Shares of Reliance Natural Resources Ltd soared 22% in Mumbai after chairman Anil Ambani and his brother Mukesh Ambani agreed to scrap a deal that prevented the billionaires from competing with each other in business.
Michael Patterson, David Merritt, Justin Carrigan and Stuart Wallace contributed to this story.
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First Published: Mon, May 24 2010. 10 57 PM IST
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