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Emerging Markets Meet Tighter Money

(Bloomberg) 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 slid to an unprecedented low this month, while Indonesia’s currency hit its weakest level against the dollar since the Asian financial crisis two decades ago.

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