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Emerging market stocks climbed for a fourth straight session as hope for stimulus in the world’s significant economies buoyed investor sentiment, while currencies in the developing world were mixed against the tepid Dollar.
MSCI’s emerging market stocks index rose 0.2% to hit a five-week high with Asian shares providing the most significant boost.
Data over the weekend showed an unexpected drop in Chinese exports last month which bolstered expectations of more stimulus from the world’s second-largest economy with equity investors cheering the Central Bank’s decision to cut reserve requirements on Friday.
Mainland Chinese indices rose between 0.6% and 0.8% while the Yuan, which recorded its best daily performance since June, retreated to 0.2%.
“The latest move reflects the government’s determination to use a combination of policy tools to stimulate the economy,” said Huani Zhu at Mizuho Bank.
“The easing measure also comes at a critical time as the economy is expected to dace more tariffs, one tranche coming in mid-October and another mid-December.”
South Korea’s Kospi and Taiwan’s stocks also advanced higher; however Hong Kong’s stocks lagged the broader market closing 0.1% lower as pressure from anti-government protests intensified.
Among stocks outside Asia, Turkey’s BIST 100 Index rose over 1%, while Moscow’s MOEX Index slowed marginally.
Emerging market currencies were mixed as investors expected for an easing package from the European Central Bank and a likely quarter-point interest rate cut next week from the Federal Reserve.
The Turkish Lira fell 0.5% with a focus on the Central Bank’s monetary policy meeting this week after President Tayyip Erdogan said that he expected the Bank to keep cutting interest rates.
The Central Bank, which slashed its key interest rate by 425 basis points to 19.75% last month, is under pressure to continue the downward trend as Erdogan looks to achieve economic growth of 5% by 2020.
Russia’s Rouble tracked higher oil prices to hit a two-week high, while an improvement in foreign policy conditions after a prisoner swap program with Ukraine, boosted sentiment.
“In our view, this is an important step towards a gradual resolution of the conflict between two countries, and we think assets of both countries should benefit from a successful prisoners swap,” said Credit Suisse analysts in a note.
The Polish Zloty edged higher against the Euro ahead of its monetary policy on Wednesday.
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