Emerging Stocks Fall on Earnings as India Drops From High
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Emerging-market stocks fell for a second day, led by utility and consumer discretionary companies, amid concern corporate earnings will falter. India’s benchmark index slumped after briefly surpassing its record closing high.
The MSCI Emerging Markets Index declined 0.3 percent to 1,030.82, extending a two-day drop to 1.3 percent. Brazilian cosmetics maker Natura Cosmeticos SA tumbled to an eight-week low after profit trailed estimates, while OAO Pharmstandard slid in Moscow as sales fell. India’s S&P BSE Sensex erased a gain that drove it above an all-time closing high of November 2010. The Shanghai Composite Index sank as policy makers drained cash from the financial system amid signs of a pickup in the economy.