Emerging market stocks headed for longest weekly rally in four months

Hanoi

EMERGING market stocks headed for the longest weekly gain in four months and currencies strengthened after a second Federal Reserve official cautioned against raising interest rates this year.

China Merchants Bank led Chinese financial stocks higher on bets that the government will take steps to bolster growth. Infosys surged 3.8 per cent in Mumbai after its earnings beat estimates. South Korea's won and India's rupee advanced at least 0.5 per cent versus the US dollar. Russia's rouble slid 1.3 per cent and the Micex Index retreated 1.1 per cent.