MSCI Emerging Markets Index Falls 1.4%; EM Currency Gauge Drops 0.2%

The divergence matters more than the headline: equities fell roughly seven times as much as currencies, which points to risk repricing in stocks rather than a broad EM currency or funding shock. That distinction determines whether this stays an equity-specific drawdown or spreads into FX, where a 0.2% move is modest. Whether the equity-FX gap widens or narrows is the open question for gauging if this is a one-session wobble or the start of a broader de-risking.