MSCI Emerging Markets Index Falls 1%, EM Currency Index Down 0.3%

The divergence is the story: equities fell roughly three times as much as currencies, suggesting the selloff is concentrated in risk assets rather than broad capital flight out of developing-nation money. That distinction matters because synchronized equity and FX weakness tends to signal stress, while an equity-led move more often reflects global risk sentiment than country-specific problems. Whether currencies stay comparatively resilient, or begin to track the equity decline, is the open question worth watching.