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BBVA, Mapre Lead Spain Sell-Off on Emerging Markets

Spanish banks including Banco Bilbao Vizcaya Argentaria SA, the country’s second-biggest lender, and insurer Mapfre SA led declines on Madrid’s IBEX 35 Index on concern that a slide in currencies in emerging markets from Argentina to Turkey may hurt earnings.

BBVA, which is largest shareholder in Turkiye Garanti Bankasi AS, Turkey’s biggest listed lender, and owns a bank in Argentina, fell as much as 6 percent to 8.77 euros, the steepest decline in 10 months. Mapfre, which does business across Latin America and in Turkey, dropped 3.7 percent. Banco Santander SA, the biggest Spanish bank and which earns about a quarter of profit from Brazil, fell 1.7 percent to 6.46 euros. The IBEX 35 slid 2.2 percent.