Emerging-market stocks slid the most in a week, led by energy companies, as China Petroleum & Chemical Corp. sank on a share-sale plan. The rand strengthened after South Africa’s unemployment unexpectedly fell.
Angola suspended plans to seek a credit rating from agencies before an international bond sale and will instead sell as much as $2 billion of government bonds locally, a Finance Ministry official said.
Turkish stocks tumbled, heading for the biggest monthly loss since October 2008, after JPMorgan Chase & Co. cut them to “underweight” from “overweight,” citing concern on the current account deficit and banks’ profits.
JPMorgan Chase & Co. and Morgan Stanley are abandoning their bullish recommendations on Russian stocks, concerned that falling oil and investors shunning riskier assets will overshadow the lowest valuations since 2009.
Turkey’s central bank provided banks more liquidity and cheaper funding, a day after scrapping any low-cost lending, as Governor Erdem Basci tweaks policy on a day-by-day basis to curb inflation and support the lira.
Just a month ago, Turkish bond yields signaled that the economy was heading for a recession. Now, the nation is growing enough to keep the two-year expansion alive after the central bank slashed interest rates, credit market measures show.