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.
Argentina’s attempts to repair its standing internationally show the nation wants to tap overseas bond markets for the first time since a $95 billion default in 2001, according to former central bank governor Mario Blejer.
India’s rupee and stocks rose to the highest level in at least a month as an exit poll showed the nation’s main opposition party was poised to win four of five state elections before a national vote next year.
Emerging-market stocks declined to a three-week low after better-than-estimated U.S. data bolstered speculation the Federal Reserve will reduce stimulus. South Africa’s rand slumped to the lowest level since 2009.
Emerging-market stocks fell to the lowest level in two weeks as Hyundai Motor Co. and Kia Motors Corp. tumbled amid concern earnings will falter. Brazil’s real slumped to a three-month low amid disappointing economic data.
The 10-year interest-rate swap spread will swell to the widest since 2009 as traders boost bets the Federal Reserve will reduce its bond purchases and the U.S. government deficit will shrink further, according to Intesa Sanpaolo SpA.