World leaders urged a re-elected President Barack Obama to play a leading role on issues from boosting the economy to climate change and relations with Muslims as they congratulated him on his victory.
The exchange-traded fund tracking developing-nation shares sank the most in two weeks as equity indexes from Hungary to Brazil fell along with U.S. stocks and oil. BYD Co., the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., surged 11 percent.
World leaders began congratulating U.S. President Barack Obama on his re-election and urged him to play a leading role on issues ranging from boosting the economy to climate change and relations with Muslims.
Indian stocks climbed the most in a week after Finance Minister Palaniappan Chidambaram said there is no serious threat of a cut in credit rating and more policy measures will be implemented to revive the economy.
Indian stocks climbed to their highest level in 14 months after the government raised diesel prices for the first time in more than a year and the U.S. Federal Reserve announced a third round of stimulus measures.
Auto companies, clothing retailers and appliance makers are posting the fastest profit growth in emerging markets, fueling a rally in developing-nation consumer shares after they fell to the cheapest level in three years.
In the past decade, mutual funds poured almost $70 billion into Brazil, Russia, India and China, stocks more than quadrupled gains in the Standard & Poor’s 500 Index and the economies grew four times faster than America’s.