EMs on cusp of a bear market; investors cautious amid global headwinds

There's no indication of a bigger blowup that will sharply curb global growth

Turkey may have helped buoy the lira, but the rest of the developing world is reeling — with stocks on the verge of a bear market.

The MSCI Emerging Markets Index has tumbled almost 20 per cent from a January peak, while a currency measure slipped to the lowest since May 2017. South Africa’s rand was battered by a downbeat assessment by Moody's Investors Service, while a surprise rate hike by Indonesia failed to lift the rupiah for long. A rout in Chinese technology shares spiraled into a broad selloff, with the yuan weakening past 6.9 per dollar. The lira climbed