Emerging-Market Stocks Retreat as Turkey Plunges on Corruption
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Emerging-market stocks fell to the lowest in a month as Turkey’s corruption crisis weighed on the nation’s shares and Chinese equities retreated on concern higher funding costs will hurt growth.
Turkey’s shares slid the most in the world as the government removed Istanbul’s police chief amid a corruption probe. The Hang Seng China Enterprises Index lost 1.7 percent on concern higher funding costs will hurt growth. All but two emerging-market currencies tracked by Bloomberg weakened, led by the Brazilian real. The Micex added 0.7 percent as President Vladimir Putin said a decree pardoning Mikhail Khodorkovsky will be signed soon. Brazil’s Ibovespa climbed to a one-week high.