May 5 (Bloomberg) -- Emerging-market stocks rose for a fifth day, pushing the global benchmark index to a seven-month high, on speculation lower borrowing costs will quicken a recovery in economic growth and earnings.
The MSCI Emerging Markets Index climbed 0.8 percent to 706.37, bringing its five-day rally to 13%. Turkey’s ISE National 100 index led the advance in Europe, increasing 3 percent after the lowest inflation in 39 years bolstered expectations for more interest-rate cuts and lifted Akbank TAS. Philippine stocks posted the biggest gain in Asia as the country’s central bank said slower price increases will allow “increased flexibility” for monetary policy.
MSCI’s benchmark index has surged 55% from a four-year low in October on signs the first global recession since World War II is easing as governments worldwide cut borrowing costs and increase spending. Shares of Asian exporters got a boost today from reports showing U.S. pending sales of existing homes and construction spending rose in March.
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