Stocks hit 3-month lows as tech losses mount, Turkey inflation rises
SPY•MSCI's emerging market stock index fell 1.7% to its lowest level since late July on Tuesday, as technology-heavy Asian markets sold off and Turkish inflation exceeded forecasts.
1. Emerging stocks retreat
South Korean and Taiwanese stocks each closed 3.6% lower, as concerns that debt-funded spending on AI infrastructure may not generate returns quickly enough followed disappointing US corporate earnings. MSCI's emerging-market currency index slipped 0.2%.
2. Turkey inflation beats forecasts
Turkish consumer prices rose 2.58% month-on-month in October, above the 2.4% forecast, while annual inflation reached 29.77%, compared with expectations of 29.56%. Turkey's BIST 100 fell 0.7%; Turkish equities have dropped about 17% in September and 10% in October.
3. Oil and currencies
Oil rose more than $1 after falling over 7% in the previous session, as tensions involving Iran raised concerns about regional energy supplies. China's onshore yuan weakened 0.4%, ending a 13-session winning streak, after the central bank tightened onshore dollar liquidity.
