Correction Grips Emerging Markets as Stocks Erase 2021 Advance
- MSCI benchmark witnesses longest slump in six months
- Gauge extends losses since February high to more than 10%
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A benchmark gauge of emerging-market stocks erased gains for the year and pointed to further pain ahead as a surge in U.S. yields and patchy economic recovery sapped risk appetite.
MSCI Inc.’s stock index fell as much as 0.9% on Thursday, its fifth day of declines and the longest losing streak in more than six months. The index extended its retreat from a record high in February to more than 10%, generally considered the threshold for a correction. Technical patterns deteriorated.