U.S. stocks declined with emerging- market equities while base metals drove commodities lower as an unexpected drop in Chinese exports fueled concern that growth in the world’s second-largest economy is moderating.
Emerging-market stocks declined for a second day after a report showing the biggest plunge in Chinese exports since 2009 spurred concern the global economy will falter. Brazil’s Ibovespa approached a bear market.
Vale SA, the largest iron-ore producer, fell to an eight-month low as prices for the steel ingredient slumped the most since 2009, pushing down mining stocks from Cliffs Natural Resources Inc. to Anglo American Plc.
Fortescue Metals Group Ltd., Australia’s third-biggest iron ore producer, plunged the most in 18 months in Sydney after the commodity entered a bear market and China reported weaker-than-expected trade data.
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.