Emerging markets are closing in on their worst quarter since the global financial crisis.
Investors yanked out $40 billion from emerging markets in the three months through September, according to estimates from the Institute of International Finance (IIF). That represents the worst quarter since the final three months of 2008.
Countries from Mexico and Malaysia have been buffeted in recent months as investors take fright at the prospect of higher interest rates in the US, which dims the appeal of riskier emerging market assets.
Higher capital outflows in many countries have exerted pressure on local currencies, exacerbating worries for some investors who are now nursing losses on both the underlying asset and the local currency.
Signs of economic slowdown in China, which appears to be cooling after years of frenetic growth, haven't helped either.