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Emerging markets fall short, China stumbles
Stocks from emerging markets suffered a 10% setback after China posted dismal figures and South African data showed a four-year low.
Losses include PetroChina Co., which fell to its lowest in almost three years, Ibovespa from Brazil, and Russia's OAO Lukoil. The state of industrial production in China rose less than expected. Adding to this fumble was China's drop on imports and export gains.
Ibovespa continued its downward trend from this year's peak to 19 percent. OAO Lukoil ranked first in losses in the Micex Index. South Africa's rand performed worst out of all the emerging-market currencies, according to data from Bloomberg.
Stocks from developing nations dropped as commodity shares slumped by 1.2%.
Another emerging market, the Turkish Lira was also among the worst performing out of the 24 monitored currencies.
According the JP Morgan Chase & Co.'s EMBI Global Diversified Index, investor-demanded yield fell down two basis points to 310 basis points, equivalent to 0.02 percentage point.
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