Emerging-market stocks gave up their gains for the year as stubborn inflation and bets on a prolonged period of high interest rates undermine growth prospects in the developing world.
“With the Fed signaling higher for longer, possibly even hiking again, and China’s economic challenges persisting, emerging-market equities are hit with a dual shock at the moment,” said Brendan McKenna, a strategist at Wells Fargo in New York. “These dynamics are placing a lot of downward pressure on equities around the world, but in particular EM equities.”
Chinese stocks fell both on mainland and Hong Kong exchanges Thursday amid signs foreigners are still pulling money from the country. Both the MSCI China and CSI 300 indexes closed at the lowest level since November. The ongoing stimulus program in the country is weighing on the yuan, while worries that the measures won’t be enough to arrest the economic slide are battering stocks.
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