🌏 India's inflation breaks back above target just as Hormuz sends oil higher
🌏 EM's 2026 rally hides two very different trades under one index
🌏 Brazil cools, India stockpiles, Korea sours as EM splits into three different trades
🌏 Brazil's trade surplus hides an $18bn capital exodus
🌏 Brazil's central bank is now fighting a strong currency, not a weak one
🌏 Brazil's wholesale prices swing negative as EM central banks split into cutters and defenders
🌏 Brazil's Focus survey hasn't moved in 57 weeks, even as the market prices 250 basis points of cuts
🌏 Brazil's inflation payoff arrives as India's PMI cools from a sugar high
🌏 Korea just posted its first-ever $100bn export month, and one product did nearly all the work
🌏 Korea's May industrial output drops 3.0%, piercing the semiconductor mirage
