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EMERGING MARKETS: Citi note that "broadly, the risks to global outlook seems
skewed to the downside still. Decline in the EM economic surprises index,
worsening second wave of COVID-19 in several parts of the world, risk of Q2
corporate earnings disappointments, build-up in anxiety over the outcome of US
elections and China's measured stimulus approach point to risk of a pull-back in
risk assets especially after the strong rally since the end of March. The
readiness of central banks to provide further support if the need arises and
infrastructure in place to defuse risks of USD funding shortages should prevent
any undue surge in volatility. But investors are likely to get more discriminate
in assessing their EM exposure."