The Trade War Has Sunk Emerging Markets. There's More to Come
- Strategists say there are ‘no deadlines’ for pressure to ease
- EM currencies erase 2019 advance as trade war escalates
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Another week, another leg of the emerging-market rout.
Stocks were on course for their worst month since October, while currencies suffered their biggest weekly loss in a year, erasing gains for the year. Brazil’s real led the drop as protests added to political tensions and growth forecasts declined, followed by the rand in South Africa, whose pledge to keep Eskom Holdings SOC Ltd. afloat is weighing on the government’s debt.