Emerging-market stocks rose, with the benchmark gauge poised for the biggest weekly gain since June, as higher profits at Chinese automakers and banks eased concern earnings growth is slowing. Malaysia’s ringgit led developing-nation currencies higher.
Megaworld Corp., the Philippine builder controlled by billionaire Andrew Tan, plans to spend at least $5 billion in the next decade to develop properties for the nation’s expanding outsource services industry.
Philippine stocks fell, driving the benchmark index to a three-week low, as SM Investments Corp. tumbled the most in almost five years and the nation’s biggest money manager said shares are poised to decline.
Philippine three-year bonds fell for a sixth week, the longest losing streak since 2008, and the peso headed for a fourth five-day loss on concern about faster inflation and stimulus cuts by the Federal Reserve.