Economics
EM Review: Spread of Coronavirus Beyond China Sapped Risk Taking
- Asia’s major economies flashed early signs of virus shock
- Indonesia, Turkey cut key rates; China also lowered its rates
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Emerging-market currencies had their worst week since August last week and stocks fell on mounting evidence that the coronavirus outbreak is taking a toll on corporate earnings and the global economy. The dollar surged and most developing-nation currencies weakened, led by Brazil’s real and South Korea’s won. Turkey and Indonesia cut interest rates, while Egypt kept borrowing costs on hold.
Following is a roundup of emerging-markets news and highlights for the week ending Feb. 23.