MSCI Emerging Markets Index Falls 0.3%; FX Index Slips Less Than 0.1%

The gap between the equity and currency moves is the notable detail here: a 0.3% equity decline against a barely negative FX index suggests the pressure is concentrated in stocks rather than in a broad emerging-market risk-off shift. That distinction matters for anyone tracking whether local-currency weakness is driving the selling or whether equities are moving on their own. Both moves are small enough that the read-through is limited, and whether the equity-FX divergence persists in the next session is the open question.