Emerging Markets on Edge as Viral Outbreak Spreads From China
- Offshore yuan continues to slide, hits weakest level this year
- Kenya unexpectedly cuts interest rates, Ukraine may ease too
Photographer: Nicolas Asfouri/AFP via Getty Images
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The rapid spread of a deadly virus from China is top of emerging-market investors’ minds as they ponder its impact on the global economy.
Concern the outbreak will develop into something akin to the SARS pandemic of 2003 halted a seven-week rally in emerging markets in the five days through Friday, and continued to weigh on currencies, stocks and bonds on Monday. With China’s markets closed for the Lunar New Year holidays, the nation’s assets abroad came under pressure.