Emerging-market advanced, trimming the biggest monthly slide since June, after better-than- estimated U.S. data bolstered optimism about global growth. Russia’s ruble tumbled to the lowest level in four years.
Emerging-market stocks fell for the first time in four days after the Organization for Economic Cooperation and Development cut its global outlook. Turkey’s lira climbed as the central bank tightened access to credit.
Record onion prices and the soaring cost of rice and coriander are frustrating Reserve Bank of India Governor Raghuram Rajan’s battle to curb inflation while supporting growth in Asia’s third-largest economy.
The world’s largest emerging markets recovered quickly from the 2008 financial crisis because consumers and companies went on a borrowing binge. Now that credit spree is coming back to haunt banks in those countries.