Stocks of international companies that depend most on emerging markets for sales show developing nations won't be strong enough to buoy the global economy.

Goldman Sachs Group Inc.'s gauge of U.S. companies with the most developing-nation revenue fell 15 percent since April, the biggest drop since the bull market began in 2009. Avon Products Inc., which gets at least 74 percent of operating profit from emerging markets, sank 15 percent in New York last month. Siemens AG, which doubled sales from the nations in five years, lost 21 percent in Frankfurt, the most since October 2008.

During the U.S. recession from December 2007 to June 2009, the BRIC nations of Brazil, Russia, India and China became the engines of the global economy, with Chinese gross domestic product expanding 7.9 percent even as America was still contracting. While emerging countries produced about 85 percent of global economic growth since then, China, India and Brazil are slowing after they lifted interest rates to curb inflation following at least $870 billion of fiscal stimulus during the financial crisis.