EM Stocks Hold Near Record as Traders Cling to Fragile Truce

Currencies from the developing world pared losses and stocks held near record highs as fears of an escalation in the Middle East conflict eased, while high-yield borrowers continued to line up for global bond sales to take advantage of the improved risk appetite.

A gauge of emerging-market currencies ended the day little changed after falling as much as 0.3% earlier in the session. Brazil’s real posted some of the sharpest gains among peers, while the Romanian leu slid after the government collapsed in a no-confidence vote, raising doubts over fiscal reforms.