Emerging Stocks Fall on China Growth Outlook as Currencies Drop
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Emerging-market stocks fell to a three-week low and currencies weakened as China set its lowest economic-growth target in more than 15 years.
Iron-ore producer Vale SA led a decline in Brazilian stocks and the real slid amid concern President Dilma Rousseff won’t have the political support to implement measures needed to avoid a credit rating cut. The lira fell to a record for a third straight day after Turkey’s economy minister said policy makers didn’t go far enough with rate cuts. A Bloomberg gauge tracking 20 developing-nation currencies dropped 0.2 percent.