Emerging Equities Decline as Brazil Enters Bear Market
This article is for subscribers only.
Emerging-market stocks tumbled as Brazil’s Ibovespa became the first of the major developing-nation indexes to enter a bear market amid concern that global central banks will pare economic stimulus measures.
The Ibovespa closed 21 percent below this year’s high, led by a plunge in Brazilian billionaire Eike Batista’s OGX Petroleo & Gas Participacoes SA and LLX Logistica SA. The MSCI BRIC Index slipped for a 10th day, the longest slide since at least January