The iShares MSCI Emerging Markets Index exchange-traded fund slid to a four-month low as China’s manufacturing trailed estimates. Turkey’s lira sank to a record low after the central bank made an unscheduled intervention.
Emerging-market stocks rose for the first time this year after the International Monetary Fund said it will raise its forecast for world growth. South Korea’s won rallied on speculation exporters repatriated overseas income.
Taro Pharmaceutical Industries Ltd. said its investment bank, Guggenheim Securities LLC, “is highly confident” it can arrange for institutional investors to buy Sun Pharmaceutical Industries Ltd.’s stake in Taro for $15 a share. Taro commented in a regulatory filing. Sun told Guggenheim that Sun wasn’t interested in pursuing the offer, according to the filing.