Emerging market stocks at six-week low, Chinese property bonds slammed by default woes | Malay Mail

NEW YORK, Oct 5 — Emerging market stocks hit a six-week low today as a US technology rout spilled over, while dollar bonds of Chinese property developers tumbled on deepening concerns over widespread defaults in the sector.

Focus also remained on China’s no. 2 property developer, Evergrande, as it struggles to clear its massive US$300 billion debt pile. Rising US Treasury yields weighed on most EM currencies, with Russia’s rouble leading losses in Europe, the Middle East and Africa with a 0.4 per cent decline against the dollar.

Investors fear that a jump in commodity prices will feed inflation and disrupt economic activity, particularly in emerging markets.

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