Stocks in Switzerland climbed, with the benchmark Swiss Market Index paring its weekly decline, as bank and luxury shares advanced and a Chinese government economist forecast growth will improve this year.
Emerging-market stocks had the biggest one-day advance since January as Chinese equities surged on prospects the government will act to ignite economic growth and commodity stocks drove gains in Brazil.
U.S. stocks rose, paring the worst weekly drop for the Standard & Poor’s 500 Index since November, amid better-than-estimated earnings and Group of 20 nation talks aimed at bolstering the global economy. The yen weakened, gold climbed above $1,400 an ounce and oil advanced.
China’s consumer prices may have gained 3.4 percent in July, news website Hexun.com reported, citing estimates by Zhu Baoliang, chief economist for the State Information Center under the National Development and Reform Commission.
China should “tolerate” slower economic growth as the country needs to adjust the structure of its economy after 30 years of high growth, Zhu Baoliang, chief economist for the State Information Center, wrote in the People’s Daily’s overseas edition today.