Emerging-Market Stocks Drop on China Curbs as Ruble Strengthens
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Emerging-market stocks fell for a second day as a regulatory crackdown on high-risk margin trading led to the biggest rout in Chinese equities since 2008.
Citic Securities Co. and Haitong Securities Co. dropped by the 10 percent daily limit in Shanghai after they were suspended from lending money to new clients. A gauge of technology companies jumped to the highest since November as India’s Wipro Ltd. reported better-than-estimated earnings. The ruble rose after Standard & Poor’s delayed a decision on whether to cut Russia’s sovereign rating to junk. Brazil’s Ibovespa slid 2.6 percent as utilities plunged amid power outages.