Muted EM markets ahead of the......>

EMERGING MARKETS: Muted EM markets ahead of the Fed

-USD/CNH inched to the week's best levels at 7.0679 as Reuters reported that the

'phase one' agreement between the US and China may not be signed at November's

APEC meeting despite earlier reports suggesting the opposite. Nonetheless, the

moves were somewhat muted, keeping CNH within its recent range.

-ZAR saw some frenetic activity upon release of the SA government's plans for

beleaguered utility Eskom, with markets reacting negatively to the plan's lack

of coverage for debt restructuring. The tick lower in ZAR was quickly reversed,

however, keeping focus on Wednesday's mini-budget for more clarity.

-The Wednesday session sees data and central bank activity pick up, with Mexican

GDP, South Africa's mini-budget release and the Brazilian central bank rate

decision all due. Brazil are expected to cut rates by 50bps at Wednesday's

meeting.