Emerging Stocks Drop as Ibovespa Tumbles Before Brazil Election
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Emerging-market stocks fell for the first time in five days as Brazil’s Ibovespa erased 2014 gains before weekend elections. The ruble sank to a record on concern Standard & Poor’s will cut Russia’s credit rating to junk.
Petroleo Brasileiro, the state-run oil producer, led declines in Sao Paulo, slumping 7.2 percent. OAO Lukoil, Russia’s second-biggest oil company, lost 1.7 percent. PetroChina Co. sank to a three-month low in Shanghai. The ruble weakened 0.7 percent against the dollar. The lira rallied 0.5 percent after Turkey’s central bank kept interest rates on hold.