It's all EM is it? Taking the two favourite stress indicators of ZAR and TRY as barometers of EM deficit country woes we can see how they linked to the fall in S+P500 futures. But once their job was done in tipping over DM equities they have delinked.
Here we have a cluttered chart of the last 20 days in S+P500 futures, ZAR/USD and TRY/USD.
And a clearer one with just the ZAR showing
If you think it's all EM there is an obvious trade there for you.
But perhaps this isn't all EM and once again a correlation makes a nice story while it fits, until it doesn't, at which point you need to go and find a new one.