Emerging-market stocks rose, snapping a three-day drop, as ICICI Bank Ltd. jumped on speculation India’s opposition party will take over government. The rand sank amid the longest South African bond slide in 15 years.
Brazil’s biggest water companies, Sabesp and Copasa, were two of the three leading losers in an index of 12 local utilities on concerns that a weakening real will make it more expensive to service foreign debt.
The Ibovespa sank the most among the world’s biggest stock gauges as Petroleo Brasileiro SA signaled it will keep subsidizing fuel prices, stoking concern that Brazil’s economic policies are hurting corporate profits.
Emerging-market stocks capped the biggest decline in three months, led by commodity and technology companies, after data showed a slowdown in Chinese manufacturing. Brazil’s real led losses among major currencies.
A $2.6 billion airports auction this week will test Brazil’s ability to attract major operators and revamp infrastructure before the 2014 World Cup and 2016 Olympics after a first sale drew criticism for failing to do so.