EM Stocks Tumble Most in More Than a Month as Oil Jumps

Emerging-market stocks and currencies declined after two consecutive sessions of gains, pressured by rising oil prices and a cautious mood among investors ahead of the weekend.

The MSCI Emerging Market Index fell 2.2%, the most in over six weeks, with South Korea leading losses as the artificial intelligence trade fizzled. South Korea’s main equity benchmark tumbled as much as 4.4% on increased selling by overseas investors.