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By Bloomberg

Emerging-market stocks climbed for a fourth day as speculation mounted that the Federal Reserve will move more slowly to raise U.S. interest rates, buoying demand for riskier assets.

The Ibovespa jumped to the highest since late November and the real extended its biggest weekly advance in 2015 on speculation President Dilma Rousseff is committed to shoring up fiscal accounts and preserving Brazil’s investment-grade credit rating. Equities in Shanghai climbed to a seven-year high. Country Garden Holdings Co. jumped 4.8 percent in Hong Kong after announcing a stake sale.

The MSCI Emerging Markets Index jumped 1.3 percent to 995.89. Energy shares led gains as all 10 industry groups in the gauge rose. A measure tracking 20 developing-nation currencies climbed 0.7 percent. U.S. data Wednesday showed weaker-than- forecast results in hiring and manufacturing. Investors are awaiting a U.S. monthly jobs report on Friday to gauge when the Federal Reserve will raise interest rates for the first time since 2006.

“Our base-case scenario is still for the Fed to raise rates in June, but now there’s a higher risk that it might be pushed to September,” said Daphne Roth, the head of Asian equity research at ABN Amro Bank NV in Singapore. “The figures that you see are always a bit volatile, and some traders might use that as the base for their trade.”

Brazil, Nigeria

The fewest Americans in nine weeks filed applications for unemployment benefits, data showed on Thursday, a sign of further strength in the labor market that will continue to support the U.S. expansion.

Stocks in the emerging-market gauge sell for an average 12.1 times projected 12-month earnings. That compares with a multiple of 16.7 for the MSCI World Index of developed-country equities. While many exchanges will be shut for holidays on Friday, Shanghai, Malaysia, Russia and Turkey are among markets that will remain open.

The Ibovespa increased 1.5 percent while Brazil’s real appreciated 1.2 percent against the dollar. Rousseff said in an interview Tuesday that narrowing the budget deficit will help boost confidence in the economy. Petroleo Brasileiro SA jumped 5 percent. The president reiterated that the state-run oil company, which is at the center of a corruption scandal, will release audited results by the end of the month.

The dollar-denominated RTS Index of Russian stocks jumped 2.6 percent and the ruble strengthened 1.8 percent against the greenback.

China Rally

The Nigerian Stock Exchange All Share Index gained 3.9 percent, extending this week’s rally to 17 percent. President Goodluck Jonathan’s concession of defeat to Muhammadu Buhari in elections mitigated the risk of an armed uprising in the country’s main oil-producing regions.

The surge in equities “reflects relief that the margin of victory was comfortable, that the process was broadly peaceful, and that the loser rapidly accepted defeat and congratulated his opponent,” Lagos-based FBN Capital Ltd. analysts, including Gregory Kronsten, said in a e-mailed note.

The Bloomberg GCC 200 Index of companies in the world’s biggest oil-exporting region rose 0.2 percent, reacting to Brent crude’s 3.6 percent rally on Wednesday. Brent crude lost 3.8 percent on Thursday as Iran and world powers moved closer to an agreement that would lift sanctions imposed on the Persian Gulf nation, including oil exports.

Taiwan Semiconductor Manufacturing Co. led gains in technology companies, climbing 2.1 percent. Shanghai Electric Group Co. surged 19 percent to a seven-year high in Hong Kong.

Country Garden, the real-estate developer controlled by China’s second-richest woman Yang Huiyan, rallied the most since Jan. 2. The builder will sell 2.24 billion new shares to Ping An Insurance Group Co. at HK$2.816 each.

The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong rose 1 percent to its highest closing level since July 2011 and the Shanghai Composite Index jumped to its highest since March 2008. Shanghai traders now have more than 1 trillion yuan ($161 billion) of borrowed cash riding on the world’s highest-flying stock market.