Emerging Stocks Drop, Currencies Trim Gains on Fed, US Data
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A voter at a voting booth in Johannesburg on May 27.
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Emerging-market stocks declined and currencies trimmed gains as hawkish remarks from Federal Reserve officials and stronger-than-expected US consumer confidence hurt risk appetite.
The MSCI EM currency index trimmed gains to close less than 0.1% higher, while a similar gauge tracking developing-nation equities fell as much as 0.3% as Fed official Neel Kashkari said an interest rate increase isn’t off the table. US consumer sentiment also rose for the first time in four months.