Pursuits
Emerging Stocks End Three-Day Advance Amid Shifting Fed Outlook
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Emerging-market stocks slumped for the first time in four days as investors reduced bets that the Federal Reserve will move slowly in raising the near-zero U.S. interest rates that have bolstered demand for riskier assets.
The Shanghai Composite Index declined for a second day as 20 initial public offerings are due to come to market from Tuesday to Thursday, stoking concern that funds will be lured from existing stocks. Lender Itau Unibanco SA led Brazilian stocks lower. The real slumped for a second day as most developing-nation currencies weakened against the dollar. Egyptian equities rallied the most in the world as the government shelved a plan to tax investor profits.