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(Bloomberg) — Emerging-market stocks and currencies fell for a second day as oil extended declines and investors shunned riskier assets.

Philippine shares dropped the most in two weeks and all 10 industry groups in MSCI’s gauge of developing-nation equities declined, with industrial and energy shares retreating the most. Malaysia’s ringgit slumped to a four-week low as the slide in crude prices diminished the appeal of the oil exporter’s assets. China’s yuan fell for a fourth day as the central bank cut its daily fixing and a report suggested outflows persisted in January.

Oil’s retreat is weighing on global stocks along with concern that China’s policy makers are struggling to manage a deepening slowdown. Crude in New York lingered below $32 a barrel after sliding last session as Iran’s oil minister called a plan forged by Saudi Arabia and Russia to lock production at January levels “ridiculous.” Federal Reserve Vice Chairman Stanley Fischer said in a speech Tuesday that he remained uncertain over whether this year’s financial market turmoil could affect growth and inflation in the U.S.

“The direction of oil and the U.S. economy are still very uncertain, these are the main factors swaying markets now,” said Vivien Loh, the Kuala Lumpur-based deputy chief investment officer at Phillip Capital Management Bhd., which oversees $459 million. “Not only has this affected equities, but all classes of assets including currencies and bonds. We’ve been staying put for the past two weeks and are raising cash to buy equities on dips.”

To contact the reporters on this story: Choong En Han in Kuala Lumpur at echoong6@bloomberg.net; Justina Lee in Taipei at jlee1489@bloomberg.net To contact the editors responsible for this story: James Regan at jregan19@bloomberg.net Amit Prakash, Simon Harvey