Brazil's April industrial production rose +2.7% year on year against a +1.7% consensus, while S&P Global's May composite PMI fell to 49.5, the first sub-50 print of 2026. The Banco Central do Brasil has hard data cover to keep cutting slowly; its own surveys are already pointing the other way.
India's services PMI hit a six-month high of 59.8 in May as demand strengthened in freight, IT and ecommerce sectors. Source
