The Micex Index posted the biggest rally since December as improving Chinese data boosted appetite for metal producers. OAO Uralkali, the nation’s biggest potash producer, surged. Russia’s plan to return to foreign-currency bond markets signals concern that borrowing costs already at 10-week highs will rise further amid speculation the U.S. is close to scaling back stimulus.

The Borsa Istanbul National 100 Index jumped 3.7 percent, the most among major emerging-market gauges, as Akbank TAS and Turkiye Halk Bankasi AS rallied. Benchmark measures in Poland and the Czech Republic added at least 0.5 percent, while Hungarian shares retreated for a fourth day.

The Shanghai Composite Index rose 3.4 percent, the biggest gain since Dec. 14. Shanghai Pudong Development Bank jumped 10 percent as investors speculated lenders will be allowed to issue preferred shares to boost capital.

Malaysia’s ringgit climbed 1.1 percent after China’s trade data brightened the outlook for the exports. Thailand’s SET Index surged 3.6 percent, while the Jakarta Composite Index rallied 2.9 percent.

Bond Losses

Wall Street’s biggest firms are predicting intensifying bond losses in emerging markets, where borrowing costs have already soared to the highest in more than four years versus U.S. corporate debt, as the Fed considers curtailing stimulus.

“We’re not yet convinced that we’ve seen the worst in terms of flows out of emerging markets,” Jeffrey Rosenberg, the chief investment strategist in fixed-income at New York-based BlackRock Inc., the world’s largest asset manager, said in a telephone interview, expressing his own views.

The premium investors demand to own emerging-market debt over U.S. Treasuries fell one basis point, or 0.01 percentage point, to 347 basis points, according to JPMorgan Chase & Co.

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