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By Bloomberg

Emerging-market stocks posted their third weekly decline this month as disappointing corporate earnings in China fueled concern that growth is faltering in the world’s second-largest economy.

Commodity producers led declines in Sao Paulo, and the real weakened the most among developing-nation currencies. China is Brazil’s top trading partner. PetroChina Co. sank 2.4 percent in Shanghai after posting the lowest annual profit in five years. Industrial & Commercial Bank of China Ltd. decreased to a two- week low in Hong Kong after earnings missed estimates.

The MSCI Emerging Markets Index slipped 0.4 percent to 958.27, extending this week’s loss to 1.2 percent. The measure has risen 0.2 percent this quarter. China’s industrial company profits fell 4.2 percent in the first two months of the year. The Standard & Poor’s GSCI index of 24 raw materials slumped 2.6 percent.

“Emerging-market economies continue to face difficult adjustments to a more hostile external environment of slower Chinese growth, lower commodity prices, an appreciating dollar and looming Fed hikes,” analysts at Barclays Plc including London-based Christian Keller wrote in a quarterly report.

The developing-nation measure trades at 11.7 times estimated 12-month earnings, data compiled by Bloomberg show. The MSCI World Index, which has risen 2.1 percent this quarter, is valued at a multiple of 16.6.

Oil Drops

Oil declined, paring its biggest weekly increase since February 2011. Brent crude slid 4.7 percent to $56.41 a barrel. Russia’s ruble weakened 1 percent against the dollar. The dollar-denominated RTS Index slid 1.4 percent.

Steelmaker Gerdau SA sank 9.1 percent, the worst performance in Sao Paulo. The Ibovespa retreated 1 percent. The real declined 1.7 percent.

A Bloomberg gauge tracking 20 developing-nation currencies declined 0.3 percent. The measure has dropped 4.6 percent this quarter.

Eight out of 10 industry groups in the emerging-markets stock gauge declined Friday. PetroChina, China’s biggest oil and gas producer, retreated from a January high after reporting a 17 percent drop in 2014 net income.

The Hang Seng China Enterprises Index lost 0.2 percent while the Shanghai Composite Index climbed 0.2 percent as industrial companies rallied after the government signaled it will accelerate overseas infrastructure projects. Equities in Taiwan decreased 1.2 percent.

The premium investors demand to own emerging-market debt over U.S. Treasuries widened five basis points to 366 basis points, according to JPMorgan Chase & Co. indexes.