Emerging-market stocks fell as China’s interest-rate cut failed to stop a $5 trillion rout in the nation’s shares and Middle Eastern equities retreated. Russia’s ruble weakened. The Shanghai Composite Index recorded the steepest five-day drop since 1996 and a gauge of Chinese stocks traded in Hong Kong slumped for a ninth day. Equity gauges in Saudi Arabia and Dubai slid 1.1 percent. The ruble depreciated 0.8 percent versus the dollar and Malaysia’s ringgit traded near the lowest level since 1998. Israel’s shekel lost 1 percent. The MSCI Emerging Markets Index lost 0.3 percent to 785.86 at 9:29 a.m. in London, following the gauge’s biggest gain in two years on Tuesday. Chinese equities have lost half their value since mid-June as the government struggles to shore up economic growth, curbing demand for riskier assets. China cut interest rates for a fifth time since November and lowered the amount of cash […]