“Emerging-market stocks rose for a fifth day on speculation China will take steps to boost domestic consumption and as U.S. lawmakers arranged meetings before a budget deadline.
BYD Co. (1211), a Chinese maker of electric vehicles rallied 4.1 percent in Hong Kong. Citic Securities Co. (6030) led Chinese brokerages higher after the country’s regulator said it will ease bond financing for securities firms. OMV Petrol Ofisi AS (PTOFS), Turkey’s biggest fuel retailer, rose 4 percent after receiving approval to sell a unit. Russia’s flagship airline OAO Aeroflot rose 2.4 percent.
The MSCI Emerging Markets Index (MXEF) added 0.4 percent to 1,053.87 as of 10:55 a.m. in London, poised for the highest close since April 3 and extending a sixth weekly gain to 1 percent. China may introduce measures to boost consumption in areas such as autos, household electronics and solar, the China Securities Journal said. Congressional leaders plan to meet with President Barack Obama today and House Republicans will convene Dec. 30 as lawmakers seek to avoid the more than $600 billion in spending cuts and tax gains scheduled to start in January…”
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