The pace of vaccinations continues to accelerate fast in Emerging Markets (EM) as China is now responsible for more than half of the world’s vaccinations. EM asset prices have outperformed in the year since the outbreak of the Covid-19 pandemic. Rating agency S&P downgraded Colombia’s sovereign rating to sub-investment grade. The drought in Taiwan has deteriorated, increasing the risk of global supply chain disruptions. The Reserve Bank of India announced a larger than expected dividend payment to the government. Russia’s foreign minister met with his United States (US) counterpart. The Reserve Bank of South Africa (SARB) kept its policy rate unchanged. In Peru, presidential candidate Pedro Castillo announced a less radical economic policy agenda. Indonesia’s trade surplus improved in April. Argentina announced a 9-day lockdown to curb a large increase in Covid-19 cases. The Brazilian parliament approved a bill, which allows the privatization of the utility company Eletrobrás.