Emerging-Market Stocks Cap Worst First Quarter Since ’08
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Emerging stocks capped their biggest first-quarter slump since 2008 as China’s new restrictions on wealth-management products spurred concern about the outlook for the nation’s economy and bank earnings.
China Minsheng Banking Corp. plunged the most since October 2011 in Hong Kong, while Brilliance China Automotive Holdings Ltd. dropped 11 percent as profit missed analysts’ estimates. OAO Gazprom, Russia’s gas export monopoly, declined the most in six weeks. Brazil’s Bovespa index posted its worst start to a year since 1995 as billionaire Eike Batista’s companies slumped, leading a tumble in commodity producers.