Hong Kong/Singapore — Cracks are appearing across the emerging-market landscape like never before.

As most nations brace for a likely surge in coronavirus cases, the signals from the developing world could hardly be more worrying for investors. Indices of stocks, bonds and currencies may have risen last week as countries from India and Brazil to SA enacted unprecedented measures to buttress their economies, but Friday’s retreat was a reminder the turmoil is far from over. Trading on Monday started poorly, with emerging equities and currencies under pressure and crude oil sliding to a 17-year low...

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