(Bloomberg) — Emerging-market stocks can’t catch a break.
Already a laggard in the global risk rally, they have just registered their longest losing sequence of daily declines since February as the selloff in U.S. technology shares adds to headwinds that include the rising tensions between Washington and Beijing in the run-up to the U.S. presidential election.
The MSCI Emerging Markets Index fell for the sixth consecutive day on Wednesday, dipping below a key support level — its 50-day moving average — for the first time since May. Investors got spooked by AstraZeneca Plc’s decision to pause its coronavirus vaccine trial and the Trump administration’s move to bar some companies based in China’s Xinjiang region.
“There will be increased uncertainty surrounding U.S.-China tensions as Trump crawls back up in the polls as we approach the election,” said