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Better equities underpin decent....>

EMERGING MARKETS
EMERGING MARKETS: Better equities underpin decent risk rally in EMFX
-TRY, ZAR, RUB and BRL topped the EMFX charts Wednesday, with better equity
markets helping underpin sentiment across the board. The gains follow the strong
turnout from Asia-Pacific equities as Hong Kong tensions receded as well as an
MNI report citing government advisors that a meeting between US and Chinese
trade negotiators is likely to proceed this month. CNH also traded well on the
news, extending the recovery from cycle lows printed earlier this week.
-Trade exposed Asia-Pac FX will likely gain further Thursday, with USD/KRW and
USD/INR likely to open lower according to offshore NDF markets. 
-BRL outperformance was notable Wednesday, with BRL adding as much as 2% against
the greenback as the combination of a weak USD and risk appetite elsewhere
boosts the currency. Markets blew through 4.10 support, with downside targets
shifting to 4.0819 and the 100-dma in the longer-term at 3.9262.
-Thai consumer confidence and Russian CPI are the highlights on a rather thin
EMFX data calendar Thursday.

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