Financial Times FT.com

Emerging markets lead global decline

By Jennifer Hughes in New York and Gillian Tett in London

Published: May 22 2006 18:01 | Last updated: May 23 2006 11:26

Investors around the world bailed out of riskier assets on Monday in favour of safe havens such as government bonds.

Leading emerging markets such as Brazil, Russia and India were hit the hardest. The MSCI emerging markets index was on track for a 10th consecutive decline, its worst run since August 1998, when the Russian default triggered worldwide market turmoil.

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