Stocks of international companies that depend most on emergingmarkets for sales show developing nations won't be strong enough tobuoy the global economy.

Goldman Sachs Group Inc.'s gauge of U.S. companies with the mostdeveloping-nation revenue fell 15 percent since April, the biggestdrop since the bull market began in 2009. Avon Products Inc., whichgets at least 74 percent of operating profit from emerging markets,sank 15 percent in New York last month. Siemens AG, which doubledsales 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, theBRIC nations of Brazil, Russia, India and China became the enginesof the global economy, with Chinese gross domestic productexpanding 7.9 percent even as America was still contracting. Whileemerging countries produced about 85 percent of global economicgrowth since then, China, India and Brazil are slowing after theylifted interest rates to curb inflation following at least $870billion of fiscal stimulus during the financial crisis.