MSCI Emerging Markets Index Rises 1.8%, Third Straight Gain

Three straight sessions of gains marks the index's longest streak since September, but the modest 0.14% move in the currency index suggests the equity rally is not being driven by a broad re-rating of emerging-market risk. That divergence is the more telling signal: local assets are carrying the move, while FX stays largely flat. Whether the equity streak can hold without currency confirmation is the open question worth watching.