Emerging-market stocks fell for a third day after a Chinese manufacturing gauge signaled contraction and concern grew that the crisis in Ukraine will escalate. The yuan touched the weakest level in 16 months.
Guinea’s cabinet approved a recommendation to strip rights to part of the world’s biggest untapped iron-ore deposit from a venture of Vale SA and billionaire Beny Steinmetz’s mining company, BSG Resources Ltd., a government spokesman said.
The Ibovespa rose after a two-day slump as raw-material producers rallied on speculation China will take further steps to maintain growth, boosting the prospects for exports to Brazil’s top trading partner.
The Ibovespa fell the most among major stock gauges in the Americas as exporters including iron- ore producer Vale SA tumbled after data showed a decline in a measure of new credit in China, Brazil’s top trading partner.
Emerging-market stocks dropped the most in a month after data showed a decline in Chinese lending and the weakest money-supply expansion on record, adding to concern about a slowdown in the world’s second-largest economy.