The Coronavirus outbreak has hit Emerging Markets, traditionally a higher-return, higher-risk asset class, which has suffered as investors sought safe-haven assets.
Some emerging markets, like Russia and Mexico, are also big oil exporters, so they've been damaged by the recent collapse in oil prices. This has been a lot for emerging markets to take all at once. As a result, EM currencies have plunged against the dollar, whilst the premium that investors demand to hold EM assets has soared.
The shock, of course, is not an emerging market-centric one, but a global one, and we