(Bloomberg) -- Emerging-market stocks fell for the first time in three days as OAO Sberbank led losses in lenders. The forint sank after Goldman Sachs Group Inc. said further rate cuts will make Hungary vulnerable amid a rout in riskier assets.

The MSCI Emerging Markets Index dropped 0.2% to 935.50. Russia’s Micex Index erased gains as Sberbank, the nation’s biggest lender, slid 1.2%, while Itau Unibanco Holding SA paced a slump in Sao Paulo. Brazil’s real declined the most among major currencies as a drop in commodities reduced demand for raw-material exporters, and the forint slid 1.1%. Shanghai Composite Index rallied to a one-month high after the government extended subsidies for automakers.

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