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By Bloomberg

Chinese stocks fell in volatile trading, recovering some of their earlier losses, while Turkish equities rebounded from a four-month low. The ruble weakened for a fifth day as Brent crude extended declines in a bear market.

The Shanghai Composite Index, known as the A-share market, slid 1.7 percent in its third day of declines. As equities in Dubai and South Africa retreated at least 0.4 percent, the market in Turkey, a net oil importer, added 1.6 percent. The ruble slid to the lowest since March, almost erasing this year’s advance, as oil traded 0.9 percent lower in London.

In addition to concern that China will fail to halt a rout that sparked the biggest one-day loss in Shanghai stocks yesterday, investors are looking for clues on the timing of the Federal Reserve’s first interest-rate increase since 2006 as policy makers start a two-day meeting. The MSCI Emerging Markets Index was little changed at 892.81 by 2:02 p.m. in London as it heads for an 8.2 percent retreat in July, the most since 2012.

“We still have no clarity about the timing of the first U.S. rate rise and much less about its effect on markets,” Tony Hann, the head of emerging markets at Blackfriars Asset Management Ltd. in London, said by e-mail. “We don’t know what the Chinese government thinks is a suitable level to hold the A- share market.”

Some 366 shares declined on the MSCI gauge as 299 advanced, with a gauge of energy shares leading gains and material and financial companies falling. The performance of currencies was also divided across developing economies. The ruble weakened 0.9 percent while the lira, which touched a record closing low on Monday, strengthened 0.8 percent. The Brazilian real and South African rand added at least 0.4 percent.

Russia, Turkey

The declines in Russia came as oil, the nation’s main export earner, lost 1.1 percent to $52.87 a barrel in London. The ruble’s weakness is raising the likelihood that Russia’s central bank will hold off on cutting interest rates on July 31. The nation’s five-year bonds fell, sending yields up 14 basis points to 11.22 percent in their seventh day of increases.

MTN Group Ltd. shares headed for a January low after Africa’s largest wireless carrier said first-half profit slid.

Turkey, a key beneficiary of lower oil prices because it imports more than 90 percent of its crude, has seen its markets suffer this month as offensives in Syria and Iraq compounded risks. The selloff sent stock valuations to the lowest level in more than a year, helping boost the Borsa Istanbul 100 Index by the most since July 9.

The drop in the MSCI Emerging Markets Index this month pushed its forward price-to-earnings ratio to 11, compared with a multiple of 16 for the MSCI World Index. The premium investors demand to own emerging-market bonds over U.S. Treasuries narrowed two basis points to 372 on Tuesday, according to JPMorgan Chase & Co. indexes.

The Shanghai Composite Index fell as much as 5.1 percent, then reversed those losses before closing lower. China Securities Finance Corp., a state-backed agency that provides margin financing and liquidity, hasn’t exited the stock market, China Securities Regulatory Commission spokesman Zhang Xiaojun said after the close of trading on Monday.