Chinese stocks rose, sending a gauge of Hong Kong-listed shares to its biggest gain in three months, as JPMorgan Chase & Co. predicted a market rally within weeks and China International Capital Corp. recommended insurers.
Emerging-market stocks advanced to a two-week high after Federal Reserve Chairman Janet Yellen said U.S. stimulus will be cut in measured steps. The rand led currencies higher as South Africa’s factory output increased.
Hong Kong stocks rose, sending the benchmark gauge to its biggest gain in more than two months, as China International Capital Corp. recommended buying insurers and JPMorgan Chase & Co. predicted a rally for Chinese shares.
China’s stocks rose on their first day of trading after a weeklong holiday as rallies for technology and small-company shares overshadowed manufacturing and services data signaling an economic slowdown.
Most Chinese stocks rose as Guangdong Electric Power Development Co. led a rally for power producers after saying profits doubled. Insurers and material companies also gained, while automakers declined.
Ping An Bank Co. raised 14.7 billion yuan ($2.4 billion) from a share sale to its parent company, strengthening its capital buffers with the largest private placement in a year on China’s domestic stock market.
Emerging-market stocks headed for the longest weekly slump in six months as Chinese money-market rates rebounded and a cut in U.S. stimulus spurred concerns about capital outflows from developing nations. The Thai baht and Indonesia’s rupiah weakened.