The selloff in emerging markets deepened on speculation that a trade war between China and the U.S. will escalate. Currencies slumped to their lowest level since April 2017 as Goldman Sachs Group Inc. said its models signaled further declines for some developing nations. Stocks also fell.
Brazil’s real led losses among its major peers amid intense volatility before a new election poll. The Argentine peso slid after some traders said its recent rally went too far, too fast. Turkish data showing the economy expanded less than forecast overshadowed bets on another rate hike, pushing down the lira. The rupee pared its drop as India said it’s considering a plan to tap its citizens overseas after the currency tumbled on gloomy current-account data.