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China Supplants Fed as Biggest Risk for Emerging Markets

  • Growth risk a bigger worry for Goldman than Evergrande
  • Economies less tied to China offer diversification opportunity
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Photographer: Qilai Shen/Bloomberg
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Emerging-market investors are about to find out whether there’s more to worry about in China than just the Evergrande debt crisis.

Official and private gauges of Chinese manufacturing are due out Thursday, with expectations they’ll add to evidence of sputtering growth. Concerns that the world’s second-biggest economy is slowing have hobbled the currencies and stocks of developing nations in recent weeks, erasing gains sparked by the U.S. Federal Reserve’s assurance of a calibrated tapering of its stimulus measures.