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NEW YORK — The ascent of developing countries over the last decade has been fueled by two global trends: the steady rise of China and the willingness of the Federal Reserve to stimulate the economy.
Now, with both trends starting to retreat, investors have been heading for the exits in markets as far removed as Buenos Aires, Istanbul and Beijing, with effects spilling over into the rest of the world.
A decline this week picked up speed and spread around the globe Friday, leading to the first sustained drop in U.S. stock indexes in 2014. The Standard & Poor’s 500-stock index fell 2.1 percent Friday, to end its worst week since June 2012.
But the damage is expected to be worse in places that have relied on demand for raw resources in China, whose economic advance is slowing.