Emerging-Market Stocks Drop as China’s New Equity Link Stumbles
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Emerging-market stocks fell to a three-week low as telecommunications companies dropped and Chinese shares in Hong Kong tumbled on the first day of the city’s exchange link with Shanghai.
Bank of China Ltd. led a 1.9 percent decline in the Hang Seng China Enterprises Index after mainland investors left more than 80 percent of an equity-buying quota for Hong Kong shares unfilled. The Ibovespa declined as the Brazilian state-run oil producer Petroleo Brasileiro SA retreated to the lowest level since March. Rupiah forwards increased after Indonesian President Joko Widodo raised subsidized fuel prices.