Monday, May 10, 2010
Emerging-Market Stocks Surge Most in a Year, Currencies Soar
The MSCI Emerging Markets Index rose 4.4 percent to 967.78 at 10:11 a.m. in New York, rallying from a 9.1 percent drop last week, the largest decline since February 2009. Hungary’s BUX Index climbed 11 percent for the biggest gain since October 2008 and the forint strengthened 2.4 percent against the euro, the most in 13 months. Brazil’s real appreciated 3 percent against the dollar and the Mexican peso jumped 2.8 percent.
Equity indexes in every major emerging market open for trading rose after the 16 euro nations agreed to offer as much as 750 billion euros ($962 billion) to the most-indebted nations and the European Central Bank said it will buy government and private debt. The rally in global developing-nation bonds sent their extra yield over U.S. Treasuries down 39 basis points, the most in 17 months, while the cost to protect against defaults on east European government debt plunged, according to JPMorgan Chase & Co. and CMA DataVision.
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