Economics
Emerging Stocks Decline as Mechel to Harmony Gold Tumble
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Emerging-market stocks retreated from a two-week high as concern the U.S. budget deadlock will hurt global economic growth drove a slump in commodity producers from OAO Mechel to Harmony Gold Mining Co.
The MSCI Emerging Markets Index dropped 0.3 percent to 1,005.69. Russia’s Micex Index snapped a four-day advance as Mechel and United Co. Rusal fell at least 1.6 percent, while Harmony Gold plunged to a 12-year low in Johannesburg. India’s S&P BSE Sensex rose to a three-week high as the nation’s trade gap narrowed to the lowest in 30 months. The Romanian leu and the Czech koruna led losses in developing-nation currencies.