Emerging-Market Rally Runs Into Doubts Over China and Fed

MSCI Inc.’s gauge of developing-nation equities surged as much as 1.6% before paring most of its early gains on Monday. The price action reflected moves in Chinese stocks after Beijing’s measures to reinvigorate the market, including a cut in a levy on stock trades, failed to sustain a rally.

“The Chinese market may still look like falling knives for those requiring somewhat more comfort on policy commitment,” said Vishnu Varathan, executive director and head of economics and strategy at Mizuho Bank Ltd. in Singapore. “Add to that a Fed that is a little more restrained on uncertainty, but necessarily a long way off a proper pivot.”

Concerns are also growing over China’s property crisis. China Evergrande Group delayed key votes on its offshore-debt restructuring plan just hours before they were to occur Monday, adding to uncertainty in a protracted process to finalize one of the country’s biggest restructurings. In Turkey, banking stocks were among the biggest gainers, thanks to a steep rally in Isbank after the nation’s biggest listed bank by assets outlined plans to reorganize its units to boost efficiency.

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