EMERGING MARKETS-Weak Chinese data hurts emerging stocks, knocks India off highs
By Sujata Rao
LONDON, March 10 (Reuters) - Emerging stocks fell 1 percent
re-ignited concerns of slowdown in the world's No. 2 economy and
pushed Chinese shares to a five-year closing low.
Chinese mainland shares fell more than 3 percent
and the losses rippled across emerging markets, dragging the
main emerging equity benchmark off six-week highs hit
Weekend data showed China's exports unexpectedly tumbled in
February, with a near-20 percent year-on-year dip swinging the
trade balance into deficit. That piled fresh pressure on
emerging assets which were looking shaky after robust U.S. jobs
data on Friday boosted Treasury yields.
"Emerging markets had basically two (bits of) negative news
in the last 2-3 days - U.S. non-farm payrolls which increased
the possibility that tapering will intensify, and quite poor
Chinese data," said HSBC strategist Murat Toprak.
The Chinese data also brought down Indian shares from their