Shock rate hikes backfire as EM panic gathers pace

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A series of shock rate hikes have failed to prevent a fresh sell-off in emerging market currencies, with developed market equities including the FTSE 100 also caught in the storm.

Turkey has hiked rates by some 4.5% - well ahead of a consensus 2.25% rise - taking their main rate to 12%, in a move that initially appeared to have calmed investors' fears. But with the Turkis...

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