Emerging stocks slipped yesterday, failing to build on the previous day’s gains amid persistent doubts over economic growth, although Philippines shares extended a post-election rally to hit 8-1/2-month highs. 
Emerging currencies also came under pressure. The South African rand led the fall, down 1.2% against the dollar. The Turkish lira weakened 0.6%, slipping back towards last week’s 2-1/2-month lows. 
MSCI’s emerging equity index was down 0.2%, having fallen more than 5% in the past two weeks as worries over economic growth, particularly in China, have offset the positive impact of a dovish US Federal Reserve. 
Data showed Philippines exports fell for the 12th straight month, keeping a lid on the euphoria triggered by the election of tough-talking Rodrigo Duterte as president. 
Manila stocks jumped more than 3% for their biggest one-day gains since January, and the peso strengthened 0.3% against the dollar to near three-week highs, building yesterday’s 1.26% gains. 
Other Asian bourses were mixed, with Hong Kong shares down 0.9% and Korean stocks down 0.1%, but Chinese mainland shares rose 0.45%. China’s vice premier said the economy faced downward pressure but would be able to meet its growth target for the year. 
Bonds issued by Nigeria’s Fidelity Bank were marked higher after falling sharply in recent sessions following the arrest last week of its chief executive amid an investigation into the banking sector. 
Alan Cameron, an economist at frontier markets specialist Exotix, said he did not see the development as a major market event, at least not until there was more conclusive evidence. 
“(President Muhammadu) Buhari is on a wide-ranging anti-corruption drive and no one has been spared from it. So it’s not a huge surprise, and the extent to which people have been negative on these banks for plenty of other reasons, including the oil price - it’s already reflected in the valuations you see,” he said. 
Brazil’s Tokyo-listed equity ETF rose 4.6% before a Senate vote on whether to put President Dilma Rousseff on trial for breaking budget rules. If approved, she will be suspended for six months during the trial, possibly paving the way for a more market-friendly administration. 
Brazilian stocks jumped 4% on Tuesday and the real strengthened over 1% against the dollar. 
Turkish stocks lost 0.8% and Hungarian stocks fell around 0.5% but Polish shares edged up 0.3% and Russian dollar-denominated equities rose 0.45%. 
The Hungarian forint weakened 0.3% against the euro and the Polish zloty slipped around 0.25%. On Tuesday a Hungarian central banker said the bank was likely to cut its main interest rate one more time, but after that, further rate cuts were “highly doubtful”.