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Emerging-Market Stocks Surge on China Stimulus Pledges, US Data

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Emerging Markets,Stocks,China Stimulus

Emerging market stocks rallied on Thursday, fueled by new stimulus promises from the Chinese government and positive US economic indicators. The MSCI EM stock index soared 2.3%, its biggest gain since November.

-- Emerging-market stocks had their best day in nearly a year on Thursday, propelled higher by new stimulus pledges by the Chinese government and strong US economic data.MSCI Inc.’s EM stock index closed 2.3% higher — the most since November — to cap off a six-day winning streak. Tech companies including Tencent Holdings, Alibaba and PDD Holdings contributed the bulk of the index gains. The developing currency counterpart gained 0.1%.

“Greater stimulus measures out of China and market pricing an aggressive Fed easing cycle, while the US economy is strong, bode well for risk assets,” Elias Haddad, a strategist at Brown Brothers Harriman, wrote in a note. “This encouraging risk backdrop is a drag on USD mostly against growth-sensitive currencies.”

In credit markets, El Salvador sovereign bonds outperformed Thursday, with notes due in 2050 rising 1.7 cents on the dollar as investors gained more confidence over the prospect of a program with the IMF. Dollar bonds from Ecuador, however, plunged as the nation continues battling ongoing forest fires and power cuts.

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