Emerging-market stocks declined for a second day and currencies sank amid concern the global economy will falter as growth in Chinese services industries slowed and crude oil surged above $100 a barrel.
The MSCI Emerging Markets Index slid 2.1 percent to 912.18, extending a two-day drop to 3.2 percent. The Shanghai Composite Index halted a three-day gain as Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, sank. Egypt’s benchmark bonds fell, pushing the yield to a record, amid political unrest, while India’s rupee approached an all-time low. The premium investors demand to own emerging-market debt over U.S. Treasuries was unchanged, according to JPMorgan Chase & Co.