China has cut its growth target this year to 7.5 percent, from the 8 percent goal that had been in place since 2005. Home values fell in a record 54 of 70 cities tracked by the government in May, while industrial production growth slowed to a three-year low in April.
In Russia, the price of Urals crude, the country's main export blend, sank 26 percent this quarter. Russia relies on oil and gas for about 50 percent of its budget revenue.
Investors are still too bullish on assets in the BRIC nations as Europe's debt crisis weighs on emerging economies, said Eric Fine, a money manager at Van Eck Global.
"They will do poorly when the world is doing poorly," Fine, whose firm oversees about $35 billion, said in a phone interview from New York. "I don't believe in decoupling."