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First Argentina, Then Turkey, Brazil. Now South Africa Reels

  • Rand is the worst performer Friday, followed by Brazil’s real
  • Countries with external vulnerability getting hit: SBI’s Soma
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Brazil, Argentina 'Very Different Places' at This Time, Says JPM's Santos
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Investors rattled by everything from trade wars to the end of central-bank stimulus are picking off the most vulnerable emerging markets one by one.

The rand weakened more than 2 percent on Friday, almost twice as much as any other major peer. That came hot on the heels of a slide in Brazil’s real that defied the best efforts of the central bank. Even the Turkish lira was buckling again, losing more than 1 percent, less than 24 hours after policy makers surprised investors with a greater-than-forecast interest-rate increase. Sovereign bonds retreated and the MSCI index of emerging-market stocks fell the most in more than three weeks.