Ugly August for emerging markets as currency crises spread

The emerging asset class's latest woes came from Argentina, where the peso tumbled to a record low

Emerging-market assets are headed for a monthly loss as declines in Argentina and Turkey sparked fears of global contagion and amid a renewed intensification of US-China trade tensions.

The MSCI EM index of currencies is down 2.2 per cent for August as of 10.18 am in London (2.48 pm IST), poised for a fifth monthly loss, the longest stretch since September 2015. South Africa’s rand headed for its worst August on record, while the lira rebounded on Friday after Turkey raised taxes on dollar deposits. In Asia, the Indonesian rupiah slid to its lowest since 1998, while the Indian rupee was