The implications of non-standard measures in emerging markets focus on portfolio flows. EM´s portfolio flows highly dependent on G10 monetary policies (QE and low interest rates) and global risk aversion.
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IP grew by 5.6% (WDA YoY) in May, beating the consensus estimate (4.1%). April-May production and demand side data pointed at a modest slowdown economic activity in 2Q16 especially in ex-auto items, partly confirming the earlier easing signals from the confidence indicators. We expect some moderation ahead but we maintain o…