Most emerging-market stocks rose as a gauge of consumer-discretionary shares climbed to a two-month high. Price swings on the developing-nation gauge sank to a one- month low before Federal Reserve Chairman Ben S. Bernanke’s testimony on the economy today. Guangzhou Automobile Group Co., which has ventures with Toyota Motor Corp. and Honda Motor Co., surged to a one-year high in Hong Kong after Phillip Securities (HK) Ltd. said Japanese car sales in China are recovering. Hyundai Motor Co. rose 1.8 percent in Seoul on expectations that weekend shifts at its plants in South Korea will fully resume this weekend and help boost production. Huaneng Power International Inc. sank 8.3 percent in Hong Kong after Citigroup Inc. cut its rating.
Most Chinese stocks fell as declines by technology shares and power producers overshadowed gains among property and consumer-staples companies. Price swings on the Shanghai Composite Index dropped to a five-month low before the release of a manufacturing gauge tomorrow.
Chinese stocks retreated in New York from the highest level in three months, led by Huaneng Power International Inc., as concern increased over a slowdown in Asia’s largest economy after UBS AG cut its growth forecast.
Emerging-market economic growth was probably the weakest since September 2011 last month as global demand for manufacturing and services declined, HSBC Holdings Plc said, citing a survey of purchasing managers.
China’s stocks rose to a two-week high as commodity producers jumped on U.S. jobs data and China United Network Communications Ltd. led a rally for phone companies after its controlling shareholder increased its stake.
European stocks were little changed near a five-year high as services and manufacturing output shrank for a 15th month while European Central Bank President Mario Draghi said policy makers are ready to cut interest rates if needed.