The MSCI Emerging Markets Index fell as east European shares retreated on concern that Europe’s debt crisis will reduce exports and strain the region’s financial system.

The MSCI gauge declined 0.2 percent to 922.71 at 12:40 p.m. in London, after earlier gaining 1 percent. More than 360 stocks in the index rose, while 267 fell, according to data compiled by Bloomberg.

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