Emerging Stocks Heading for Best Month Since January
Developing nation stocks rose, extending the best monthly gain since January, as China injected a record amount of funds into its financial system and a rally in commodities boosted producers.
The MSCI Emerging Markets Index (MXEF) increased 0.5 percent to 1,003.58 at 12:43 p.m. in London, bringing its advance this month to 5.9 percent. The Shanghai Composite Index jumped 1.5 percent as Bank of China Ltd. (3988) climbed to a two-week high and the yuan hit the strongest level since 1993. KGHM Polska Miedz SA (KGH), Poland’s sole copper producer, rose for a second day. India’s equity index reached a 14-month high and the rupee gained as the government maintained its target for debt sales.
China’s money-market rate completed the biggest weekly drop in 11 months after the central bank’s actions to ease a cash crunch before next week’s holiday. The Shanghai Composite has surged 4.1 percent from a 3 1/2-year low on Sept. 26 amid speculation policy makers in the biggest emerging economy will take steps to boost growth.