Emerging Stocks Head for Longest Streak of Weekly Losses
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Emerging-market stocks fell for a ninth week, the longest string of weekly declines since 1994, as Citigroup Inc. cut its estimate for the gauge and oil dropped to a six-month low.
The MSCI Emerging Markets Index sank 1.5 percent to 906.61 by 4:32 p.m. in New York, increasing its loss on the week to 6.6 percent, the most in eight months. The gauge erased its annual gain as Europe’s debt crisis worsened. The MSCI Bric Index fell for a ninth week as Russia’s Micex retreated to a seven-month low and the ruble weakened 0.7 percent, dropping 11 days in the longest run of losses since January 2009. Brazil’s Bovespa snapped an eight-day decline on LLX Logistica SA’s 4.4 percent jump.