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.
Banks led by Goldman Sachs Group Inc. and Citigroup Inc. say commodities are heading for losses in 2014 as rising supplies and slowing demand compound slumps that led to bear markets last year in gold, copper and corn.
Lloyd C. Blankfein , chief executive officer of Goldman Sachs Group Inc. , has sought to quell shareholder concerns about its bonuses and business practices at the past two annual meetings. Today, he will try again.