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By Bloomberg

Emerging-market stocks headed for the longest losing streak in two months as investors weighed talks to avert a default by Greece and U.S. data. Indian shares slid the most in a month, while Russia’s ruble strengthened.

India’s S&P BSE Sensex tumbled 2.2 percent on concern Tuesday’s interest-rate cut by the central bank won’t be enough to spur growth. Hyundai Motor Co. dropped to a four-year low in Seoul after reporting lower sales. The Shanghai Composite Index climbed 1.7 percent. The ruble rebounded from a six-week low.

The MSCI Emerging Markets Index fell 0.9 percent to 994.11 at 10:47 a.m. in London. European leaders and the head of the International Monetary Fund agreed to step up the intensity of talks to avert a default by Greece. Better-than-forecast U.S. growth in manufacturing overshadowed data showing consumer spending stalled.

“It’s a risk-off environment at the moment, with mixed data from the U.S. and Greece affecting sentiment,” said Danny Wong Teck Meng, chief executive officer of Kuala Lumpur-based Areca Capital Sdn., which manages about $224 million in assets. “Markets would be volatile.”

All 10 industry groups in the MSCI Emerging Markets Index retreated, led by consumer discretionary companies. The index has gained 4 percent this year and trades at 12 times projected 12-month earnings, according to data compiled by Bloomberg. The MSCI World Index of developed-nation stocks has risen 3.9 percent in 2015 and is valued at a multiple of 16.7.

Indian Retreat

The Reserve Bank of India lowered its repurchase rate to 7.25 percent from 7.5 percent and said it’d wait to assess monsoon rains before acting again. The nation’s government bonds and the rupee fell as the RBI’s outlook disappointed investors looking for more cuts to boost the economy.

Hyundai Motor sank 10 percent after the Korean carmaker’s domestic sales fell for a second month. Shares of its affiliates Hyundai Wia Corp. and Hyundai Mobis Co. tumbled at least 8.5 percent. Hotel Shilla Co. led tourism shares lower after South Korea confirmed two people died from the Middle East respiratory syndrome. The Kospi index tumbled 1.1 percent.

The Shanghai Composite extended Monday’s 4.7 percent climb, while the Hang Seng China Enterprises Index of mainland shares traded in Hong Kong dropped 0.7 percent.

OAO GMK Norilsk Nickel, the largest palladium producer, climbed the most in a week in Moscow. The ruble jumped 0.7 percent. Turkey’s Borsa Istanbul 100 Index added 0.5 percent after falling to a two-month low on Monday.

Philippine stocks dropped 1.5 percent and Thailand’s benchmark equity index slid 1 percent. The ringgit fell 0.3 percent while the Korean won declined 0.2 percent.