MSCI Emerging Markets Stock Index Roughly Flat; EM FX Index Up 0.2%

The divergence between a flat equity index and a firmer currency gauge suggests the FX move is doing more of the work than any broad risk-on rotation into EM assets. That split matters because it points to carry or dollar-side dynamics rather than improving growth expectations being priced into stocks. Whether the currency strength persists alongside stagnant equities, or converges toward one direction, is the open question.