MSCI Emerging Markets Index Falls 1.3%, EM Currency Gauge Down 0.2%

The divergence in magnitude is the story here: equities fell more than six times as much as currencies, suggesting the pressure is concentrated in risk assets rather than in a broad flight from developing-nation money. That distinction matters for anyone tracking whether this is an equity-specific repricing or the early stage of wider EM stress. Whether the currency gauge stays comparatively contained is the open question; if it starts catching down to equities, the character of the selloff changes.