Emerging markets have dropped into bear territory, down around 20% from their January highs, as the impact of Turkey's currency crisis, a commodity price rout and disappointing results from Chinese tech giant Tencent, which reported its first profit drop in a decade, weighed on sentiment.
According to the Financial Times, the FTSE Emerging index slumped as much as 2.3% on Wednesday, taking the benchmark's fall since its 26 January peak to more than 20% — the usual definition of a bear market....
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