Emerging-market stocks tumbled the most in two weeks after Chinese Premier Wen Jiabao said the world’s second-largest economy faces “relatively large” downward pressure. The MSCI Emerging Markets Index (MXEF) Index lost 1.1 percent to 935.66 by the close in New York, the steepest drop since June 25. Technology companies led the retreat with HTC Corp. (2498), Asia’s second-largest smartphone maker, sliding to a two-year low after profit declined. Power company OAO E. On Russia slumped 2.8 percent in Moscow while OAO Magnit, Russia’s largest food retailer by market value, surged the most in a week. Brazilian markets were closed for a holiday. China’s Wen said the government will intensify fine-tuning of policies, the state-owned Xinhua News Agency reported yesterday. The nation’s inflation eased to a 29-month low in June, the National Bureau of Statistics said today in Beijing. Spanish 10-year debt yields topped 7 percent. U.S. employers added fewer workers to payrolls than forecast in June, a July 6 report showed.... Continue to read.
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