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Article: South Korea : Brazil, Russia Lead Drop in Emerging Markets on Profit Concern.(Financial report)
- Article from:
- TendersInfo
- Article date:
- November 9, 2008
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Byline: manish03
Emerging-market stocks fell the most in two weeks as interest-rate cuts by U.K., Czech, Swiss and European central banks failed to ease concern the global economy is falling into recession, hurting the outlook for earnings.
Gafisa SA, Brazil's second-largest homebuilder, sank the most in two weeks after reporting third-quarter profit that missed analysts' estimates. Hyundai Steel Co. led the decline in South Korea's Kospi index after it announced production cuts. OAO Rosneft, Russia's biggest oil producer, tumbled 12 percent after crude prices fell to the lowest since March 2007.
The Bank of England unexpectedly cut rates by ...