Guess what emerging market equities are doing today?

That’s right, unwinding with every other “no-brainer,” “can’t lose,” carry-fueled trade.

As Bloomberg notes, emerging–market equities are extending losses in what’s shaping up to be the worst 2-day decline since mid-May “as geopolitical tensions on the Korean peninsula continue to weigh on risk assets, compounded by broad-based slide across developed-nation equities.”

Of course if you’re a bored housewife or retiree-turned-emerging-markets-maven, you probably own yourself some EEM.

Good for you.

Only not so much today.

Because it’s on pace for its worst session since the December Fed hike:

Meanwhile, vol. is soaring:

Looks like you’ve got an “emerging” problem on your hands…