Emerging Markets Slip Amid Fed Caution, China Growth Woes
- MSCI’s main EM equities index declines for first day in four
- Investors are waiting for Fed speeches and US economic data
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Developing-world currencies were mixed on Tuesday as traders awaited key speeches and data that could shed light on the outlook for US interest rates while losses in Hong Kong-listed tech stocks drove emerging-market equities lower.
MSCI’s main emerging-market stock index fell 0.9%, breaking a three-day winning streak that had taken the gauge to a seven-month high. A key index for currencies was little changed as Peru’s sol, Hungary’s forint and South Africa’s rand led gains. Chile’s peso fell the most amid expectations for more interest rate cuts and weaker prices for the country’s top export copper.