The Philippine peso slid to a record low on Wednesday, the weakest Asian
currency, after a global bond sell-off and a US strike on Iran lifted oil above
$95/bbl and knocked regional risk appetite. The MSCI Global Emerging Markets
Currency Index fell 0.2%—a move that, if sustained, would be the worst
single-day decline in a month and end a 10-day advance. MSCI Asia Emerging
Markets equities dropped 1.8% to their lowest level in over a week as US
Treasury yields climbed to multi-year highs, prompting broad EM risk selling.
