Emerging Assets Slump on China Selloff as Iran-Saudi Ties Sour
- China halts trading in stocks after CSI 300 drops 7%
- Developing-nation currency gauge falls to record low
China Stock Selloff Tests New Market Circuit Breakers
Emerging-market assets sank as a bigger-than-forecast slump in Chinese manufacturing fueled concern that the nation’s economic slowdown will curb global growth and escalating tension between Saudi Arabia and Iran underscored geopolitical risks in the Middle East.
China halted stock, futures and options trading after a 7 percent slump in the CSI 300 Index caused the nation’s new circuit breakers to kick in. Equities in South Korea, India and South Africa slid at least 2.1 percent, while Saudi Arabian shares dropped 2.4 percent. Brazil’s stock benchmark fell for a fourth day. The offshore yuan weakened the most in five months. A gauge of 20 developing-nation exchange rates fell to a record low against the dollar.