Emerging ETF Slumps as Oil Declines Sink Brazil
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The iShares MSCI Emerging Markets exchange-traded fund tumbled the most since November as oil’s retreat weighed on benchmarks in Russia and Brazil. Asian equities gained after China’s services industries accelerated.
OAO Rosneft, Russia’s biggest oil producer, and OGX Petroleo & Gas Participacoes SA of Brazil slumped at least 1.5 percent. Ayala Corp. rallied to a record in Manila, pushing the Philippine benchmark to a record, after announcing plans to invest as much as $200 million this year through its energy unit. MISC Bhd. surged the most in more than 14 years in Kuala Lumpur after receiving a buyout offer. Sany Heavy Industry Co., the biggest Chinese machinery maker, advanced for a third day.