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Commodity Slide Jolts Emerging Markets as Argentine Bonds Climb

  • Gauge of 20 currencies ends four-day advance as rand slumps
  • Stock benchmark ends two-day gain as raw-material shares slump
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Emerging-market currencies fell for the first time in a week as a deepening slump in commodity prices hurt the revenue outlook for countries from South Africa to Russia. Argentine bonds gained after Mauricio Macri’s victory in runoff presidential elections.

A gauge of 20 developing-nation currencies dropped 0.5 percent. South Africa’s rand fell the most in more than a week as gold futures extended a month-long slump, dropping to the lowest level since 2008. Russia’s ruble dropped 1.7 percent even as oil, the country’s biggest export, advanced. Developing-nation stocks declined for the first time in three days.