Emerging-market equities logged their steepest drop since June 24, the day after Great Britain voted to leave the European Union in a referendum dubbed Brexit. The iShares MSCI Emerging Market ETF , the most widely used benchmark for the region, dropped 3.4% to 36.71 on Friday, its lowest level in more than a week. The move came amid heightened concerns that the Federal Reserve would raise interest rates sooner than later, which can boost the U.S. dollar and make debt denominated in the currency more expensive to emerging markets. The slump in emerging markets followed a rout in the S&P 500 index and the Dow Jones Industrial Average , which also suffered the sharpest slide since the Brexit vote
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