Emerging markets snapped two days of losses as oil surged and investors returned to riskier assets after minutes of the Federal Reserve’s March meeting affirmed its gradual approach to raising interest rates. A gauge of developing-nation stocks rebounded from a three-week low, with all 10 industry groups advancing. Equity benchmarks in Dubai, South Africa, Turkey and the Philippines rose, while Chinese shares fell for a second day. South Korea’s, won Indonesia’s rupiah and Malaysia’s ringgit led gains as a gauge of emerging currencies climbed from its lowest level this month. “Investors are reacting positively to signs that the Fed is dovish and to the rebound in oil prices,” said Rafael Palma Gil, a Manila-based trader at Rizal Commercial Banking Corp, which manages $1.7 billion of assets. “As long as interest rates stay low, or near zero, funds will flow back into emerging markets for higher yields.” Developing-nation assets have […]