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Emerging Markets Meet Tighter Money
Emerging markets are suffering their worst slump since 2015. The MSCI Emerging Markets Index entered a bear market in early September after dropping 20 percent from its early 2018 peak. A benchmark index of emerging currencies has dropped more than 8 percent from its high on April 3, while the Bloomberg Barclays Emerging Market dollar-bond index is on track for only its second annual loss since the global financial crisis. Argentina has made a desperate push to stabilize itself, raising interest rates to 60 percent. Turkey saw its stock market value tumble by $114 billion this year through August. India’s rupee ... (full story)