Emerging-market stocks have erased their gains for 2026 as an energy crisis sparked by the Middle East war threatens to sap growth and accelerate inflation across the developing world.
The benchmark MSCI Emerging Markets Index fell as much as 0.9% on Tuesday, surrendering year-to-date advances that had exceeded 15% at one point. MSCI’s Asia gauge also briefly wiped out its advance for 2026, with Samsung Electronics Co. and SK Hynix Inc. among the biggest drags.