Global Activity Watch: EM growth outlook remains stronger compared to Mature Economies. Yet, latest PMI show activity is stalling again pointing to slower growth in next few quarters. EM Central Bank Watch: Brazil and China are in easing mode (though, for very different reasons), while India and Russia may have reached interest rate peak. EM easing cycle should broaden next year. China: Activity data for October suggests the economy didn’t lose much steam at the start of Q4. India: Growing imbalances prevent the central bank from easing monetary policy next year. Brazil: Inflation resumed downward trend leaving central bank in position to continue with policy easing. Mexico: Robust real GDP growth in Q3 suggests Mexico continues to benefit from the strong US economy.



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