Emerging Stocks Slump on China Concern as Crude Resumes Decline
- Chinese shares drop as economic indicators signal slowdown
- Oil falls as Iran Minister calls freeze proposal `ridiculous'
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Emerging-market stocks fell from a six-week high as economic data signaled that China’s slowdown is deepening and the People’s Bank of China cut the yuan’s reference rate by the most in six weeks.
The Shanghai Composite Index decreased from a one-month high and the yuan depreciated for a third day. Brazilian stocks declined after a two-day rally that pushed the benchmark index’s valuation to the most expensive in three months. Shares in South Africa declined 1.4 percent. The S&P BSE Sensex Index ended a four-day advance in Mumbai as the budget session in parliament kicked off. Latin American currencies led a gauge of 20 developing-nation exchange rates lower.