Emerging Markets News
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Emerging-market stocks fell the most in five weeks, led by technology and industrial companies, as data showed Chinese manufacturing is contracting and speculation grew the Federal Reserve will scale back stimulus.
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China’s stocks erased declines as consumer-staples producers and technology companies led a rally for companies whose earnings are less dependent on economic growth. Materials and consumer-discretionary shares slid after a report showed an unexpected contraction in manufacturing.
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Taiwan, seeking to rein in the local dollar and boost export competitiveness, tightened limits on domestic banks’ bullish bets on the currency following the yen’s tumble to the lowest level since 2008.
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Indonesia’s government bonds fell, driving the 10-year yield to a seven-month high, after the central bank signaled the next move in interest rates is likely to be an increase. The rupiah fell for a fourth day.
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