Emerging-market equities rose to a record high, buoyed by optimism over artificial intelligence and a report that Iran offered a new proposal to reopen the Strait of Hormuz.
The MSCI EM Index rose as much as 1.5% on Monday, surpassing the previous peak in February. Investors have been placated by a lack of re-escalating tensions in the Middle East, with a ceasefire between the US and Iran holding since early April. A gauge tracking developing-world currencies also gained about 0.2%.
