Emerging-Asset Rally Evaporates as China Concern Resurfaces
- Shanghai shares, offshore yuan fall after China PMI data
- Ruble leads currencies lower as crude ends four-day gain
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A rally in emerging-market stocks and currencies faded as data showing China’s manufacturing industry deteriorated for a sixth straight month stoked concern that the slowdown in its economy will spread to other developing nations.
The Shanghai Composite Index extended its worst monthly loss since 2008 after an official factory gauge slumped to a three-year low. Russia’s ruble weakened 2.4 percent against the dollar, leading currencies lower, and the Micex Index slumped as oil prices tumbled. South Africa’s rand ended a two-day gain. India’s equity benchmark dropped from a three-week high.