Asian markets outperformed Europe in August, according to Morgan Stanley Capital International. The MSCI Emerging Markets Free Asia index rose 4.2% for the month, while the Euro index rose 2.2%. The EAFE index rose 0.3% and the Emerging Markets Free index rose 0.8% in August. The highlights for emerging markets in Asia last month were Malaysia, which was up 16.7% and again will be included in the EMF and All Country Free indexes; and Taiwan, up 12.3%. In Europe, the leading markets were Belgium, up 4.9%; Norway, 3.9%; and France, 3.5%.