2014.09.2604:19:26UTC+00Emerging stocks set for longest weekly decline in 9 months

Emerging-market stocks is poised to experience its longest weekly decline since December of 2013 on speculations that a Fed rate hike might happen sooner than expected. Chinese economic growth is also watched as recent risk events show that the government is willing to accept this slowdown. Indonesian stocks fell after the scrapping of local elections.

The MSCI Emerging Markets Index shed 0.4% to 1,021.13, 2:42 pm, Hong Kong time. For the whole of the week, the index has already lost 3.1%. This would be the third consecutive week of loss if the index doesn’t turn around by the end of the trading session.

South Korea’s Hyundai Motor Co. dropped to its lowest in 17 months while Indonesia’s PT Bank Mandiri lost 0.4%.

The gauge has been on a steady decline for the month as data showed that Chinese economic growth is speculated to go even slower and the Federal Reserve may hike interest rates earlier than had been anticipated. Stocks opened lower in the US as the speculated stronger economy, due to good jobless and equipment orders data, may become enough reason for the Federal Reserve to hike interest rates. Meanwhile, geopolitical tensions continue to escalate as US and Arab airstrikes put their eye on the eastern Syria oil refineries. In Russia, a new draft has been made by lawmakers that will enable the government to seize foreign assets.