MSCI Emerging Markets Stock Index Falls 1.4%, Developing-Nation FX Index Down 0.2%

The divergence matters more than the direction: equities fell roughly seven times as hard as currencies, which points to a repricing of growth and earnings risk rather than a broad flight from developing-nation assets. That distinction shapes who absorbs the damage — equity holders take the hit while local-currency debt and FX exposures are comparatively spared. Whether the gap narrows through an equity rebound or through currencies catching down is the open question, and it will say a lot about whether this is a sentiment-driven session or the start of a wider de-risking.