MSCI Emerging Markets Index Falls 1.6%, EM Currency Gauge Slips 0.06%

The divergence is the story: equities fell sharply while the currency gauge barely moved, which points to a risk-off move concentrated in stocks rather than broad pressure on EM FX. That distinction matters for anyone watching whether this is an equity-specific repricing or the early stage of wider capital outflow. With no detail on drivers or regional breakdown, the open question is whether the currency gauge stays resilient or follows equities lower.