The emerging market sell-off sparked by Turkey and Argentina’s twin currency crises deepened yesterday, sending developing world equities back into a bear market and stirring concerns of a broader crisis.
The FTSE Emerging Index of nearly 800 of the biggest companies in the developing world fell 1.6 per cent, its sixth straight decline and the biggest in three weeks, which pushed the benchmark to its lowest level since July 2017.
Indonesia’s rupiah traded close to its weakest level since the 1998 Asian financial crisis, while the South African rand slipped to a record low after data on Tuesday showed the country’s economy had contracted for the first time since 2009.
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