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Emerging stocks wobble as coronavirus risks grow, FX hit by strong dollar

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South Africa’s currency has also taken a hit from growing pessimism around the country’s economy, while local investors remained on edge ahead of a looming ratings decision by Moody’s.

JOHANNESBURG - Emerging markets stocks faltered on Thursday, on fears of a global spread of the coronavirus after a spike in new cases in South Korea, while currencies in the developing world reeled under pressure from safe-haven buying of the US dollar.

The risk-off mood supported the dollar, which surged nearly 2% since Tuesday against the Japanese yen to its highest in almost 10 months. MSCI’s index for currencies slipped 0.4% to its lowest level in over two months, while stocks fell 0.3%.

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