Pursuits
Emerging Stocks, Currencies Retreat as Growth Concern Lingers
- Brazil downgraded to junk with negative outlook by Moody's
- South Africa's rand leads gauge of 20 currencies lower
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Emerging-market stocks slumped for a second day on lingering concern that China’s slowdown and the U.K.’s potential exit from the European Union may curb global economic growth. South Africa’s rand led developing-nation currencies lower.
Shares in Russia and Dubai slumped at least 1.4 percent, while the rand declined 2.3 percent, the most in six weeks. Brazilian assets tumbled after Moody’s Investors Service downgraded the country to junk with a negative outlook, saying credit metrics will probably worsen. China’s yuan fell for a fourth day as the central bank cut its daily fixing and a report suggested outflows persisted last month.