Emerging-market stocks dropped, almost erasing a weekly gain, as China’s first onshore default sparked concern that swelling bad debt will weigh on global growth. Vale SA led a slide in commodity shares as metals fell.
A Guinean review into ownership of the biggest untapped iron-ore deposit has recommended seizing mining rights owned by a venture of BSG Resources Ltd., billionaire Beny Steinmetz’s company, and Brazil’s Vale SA.
African Rainbow Minerals Ltd., the company chaired by billionaire Patrice Motsepe, said first-half profit rose 66 percent after earnings from its iron-ore unit more than doubled as prices rose and the rand weakened.
Australia’s dollar climbed to the strongest in more than a week after data today showed the January trade surplus widened to the most in 2 1/2 years and retail sales rose three times faster than economists forecast.
Asian stocks rose a second day after comments from Russian President Vladimir Putin signaled the Ukraine crisis won’t immediately escalate. China shares slid amid concern the country is facing its first onshore corporate bond default.
Caterpillar Inc. Chairman and Chief Executive Officer Doug Oberhelman said the largest maker of construction and mining equipment has “a lot more to do” to improve performance after its sales fell for the first time in five years.