Emerging-Market Assets Stumble Into Second Quarter as Oil Slumps
- Developing-nation currencies slide after U.S. jobs report
- Energy producers drop as oil falls on Saudi output comments
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Emerging-market assets started the second quarter on a downturn as energy producers led stocks lower and currencies weakened against the dollar after a report showed U.S. employers added more jobs than forecast in March.
The MSCI Emerging Markets Index retreated from a four-month high as benchmarks from Asia to Europe and the Middle East declined. Colombia’s peso weakened 1.1 percent, leading currencies lower as oil prices tumbled after Saudi Arabia said the kingdom will only freeze output if other major producers do so. Stocks posted a 5.4 percent first-quarter gain and currencies ended the period with the biggest monthly advance on record amid bets that the Federal Reserve will move slowly to raise U.S. interest rates.