(Bloomberg) -- Most emerging-market stocks dropped, led by industrial companies, as concern grew that American lawmakers will fail to reach a budget deal. Gold shares rallied as a dollar slump boosted the appeal of the precious metal.
The MSCI Emerging Markets Index fell less than 0.1% to 1,012.32 as 419 stocks retreated, while 328 advanced. The Philippine Stock Exchange Index led losses among the 94 global equity gauges tracked by Bloomberg amid inflation concern. Brazil’s Ibovespa snapped a three-day rally as industrial output in China, its top trading partner, trailed economists’ estimates. AngloGold Ashanti Ltd. surged 6.9 percent in Johannesburg as the precious metal rose the most in seven weeks.