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Emerging-Market Stocks Sink on Ukraine as Russia Slumps

Emerging-market stocks fell the most in a month as Russia’s threat to invade Ukraine spurred the worst selloff in the Micex Index since 2008 and sent the ruble tumbling even as the central bank raised interest rates.

The MSCI Emerging Markets Index slumped 1.6 percent to 950.68 in New York, the biggest decline since Jan. 27. Russia’s benchmark plunged as much as 13 percent and the ruble depreciated 1.7 percent against the dollar. Stocks in Poland, Romania and Hungary decreased more than 3 percent. The Kospi index slid the most since Feb. 4 after North Korea fired two missiles and data showed South Korean exports missed estimates.