Economics
Emerging Stocks Post Longest Streak of Weekly Losses This Year
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Emerging-market posted the longest stretch of weekly declines this year as faster U.S. economic growth boosts prospects for higher interest rates. AFK Sistema slid as a Russian court froze its stake in OAO Bashneft.
Sistema, controlled by the Russian billionaire placed under house arrest last week amid a probe into alleged money laundering, sank 21 percent. Bashneft fell to a record and the ruble plunged. China Petroleum and Chemical Corp. led a 0.5 percent drop in a gauge of Hong Kong-traded Chinese shares. Indonesian equities lost 1.3 percent and the rupiah weakened after the nation scrapped direct local elections. Mexico’s peso fell to a seven-month low.