Emerging Market Shares Drop With Metals After China Data - Bloomberg

Emerging Market Shares Drop With Metals After China Data - Bloomberg:

"Emerging-market stocks fell to a four-month low and industrial metals dropped as data showed China’s service industries weakened last month. U.S. shares erased gains in the last hour of trading.

The MSCI Emerging Markets Index lost 1.2 percent as of 4 p.m. in New York, extending its two-day slump to 2.4 percent, its worst drop since August. The Standard & Poor’s 500 Index (SPX) was little changed after yesterday sliding the most in three weeks. Zinc, lead and aluminum lost at least 1.7 percent to lead commodities lower. Oil retreated 1.6 percent, capping the biggest weekly decline since June 2012. Ten-year Treasuries yielded 2.99 percent, near a two-and-a-half year high.

Economic data from China this week showed two measures of factory output declined while the non-manufacturing gauge fell to a four-month low in December. The U.S. is poised for faster growth amid a “combination of financial healing, greater balance in the housing market, less fiscal restraint, and, of course, continued monetary policy accommodation,” Federal Reserve Chairman Ben S. Bernanke said in prepared remarks for a speech in Philadelphia."

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