(Bloomberg) -- Emerging-market stocks dropped to a one-month low amid speculation the Federal Reserve will reduce stimulus as early as next week. Gold producers led South Africa’s benchmark equity gauge to the biggest slump since June.

The MSCI Emerging Markets Index slid 1.2 percent to 991.03 at 10:15 a.m. in New York, falling for a third day. The FTSE/JSE Africa All Shares Index led declines among major developing- nation gauges as AngloGold Ashanti Ltd. sank 7.3 percent. Stock gauges in Russia and the Philippines decreased at least 1 percent, while Brazil’s Ibovespa dropped to a four-month low. India’s rupee drove losses among 24 emerging-market currencies.

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