Economics
Emerging Stocks Slump as Brazil’s Eletrobras Leads Drop
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Emerging-market stocks fell for the first time in five days, led by Brazilian utilities, as the government provided less compensation for power rate cuts than analysts predicted. Hyundai Motor Co. sank after promising to remunerate U.S. customers for overstating fuel efficiency.
Centrais Eletricas Brasileiras SA, South America’s largest power producer, slid to a seven-year low, the second-worst performer of the MSCI Emerging Markets Index. Hyundai Motor Co. and Kia Motors Corp. tumbled in Seoul after saying they will compensate U.S. customers for overstating the fuel efficiency of their latest models. Turkey’s lira and bonds rallied after Fitch Ratings upgraded the country to investment grade for the first time since 1994.