Emerging ETF Sinks to 2-Week Low as Brazil Equities Fall
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The exchange-traded fund tracking developing-nation shares sank the most in two weeks as equity indexes from Hungary to Brazil fell along with U.S. stocks and oil. BYD Co., the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., surged 11 percent.
The iShares MSCI Emerging Markets Index ETF tumbled 1.6 percent as investors assessed U.S. President Barack Obama’s challenge to address a so-called fiscal cliff of more than $600 billion in tax increases and spending cuts after winning re-election and the Greek debt crisis on emerging markets. BYD led gains in industrial and technology companies in the MSCI Emerging Markets Index, which was little changed.