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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World stocks steady as inflation jitters ease | Malay MailMILAN, Oct 5 — World shares steadied near lows today as worries that rising oil prices will feed inflationary pressures appeared to ease, while the dollar regained strength ahead of US payrolls data on Friday seen as key to the Federal Reserve’s next move. MSCI’s gauge of global stocks...
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