Emerging Energy Stocks Drop to 11-Year Low as Polish Bonds Slide
- Nigerian equity gauge enters bear market after 7-day plunge
- Polish bonds and shares tumble after S&P cuts country's rating
Emerging-market energy stocks fell to the lowest level since 2004, leading declines in equities on mounting concern that global economic growth is faltering amid a slump in oil prices. Polish bonds and stocks tumbled after Standard & Poor’s cut the country’s credit rating.
The MSCI Emerging Markets Index declined for a third day as Nigerian shares slumped into a bear market following a 14 percent retreat in the past seven days. Russia’s ruble approached a record as Brent crude held below $29 a barrel. Polish Eurobonds due in 2027 retreated the most since they were sold last year while shares in the country fell the most in almost five months. The yuan advanced in Hong Kong after mainland authorities stepped up efforts to curb speculation against its currency beyond its borders.