Emerging Markets Extend Losses as Hawkish Remarks Halt Fed Rally
- Stocks, currencies heading for first weekly drop in March
- St. Louis Fed president says rate increase possible in April
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Emerging-market stocks and currencies slumped for a second day as a rising chorus of U.S. Federal Reserve officials calling for quicker interest-rate increases drove investors away from riskier assets.
A resurgent dollar sent oil and commodities lower, pushing equity gauges in Russia and the Middle East down by at least 0.7 percent. MTN Group Ltd. led nine shares trading without their latest dividend rights in Johannesburg, shaving off 0.5 percent from the benchmark index. Chinese shares in Hong Kong fell the most in a month on signs slower growth in the second-biggest economy is hurting corporate profits. Malaysia’s ringgit and South Africa’s rand were declined the most among developing-nation currencies.