The classic EM risk roll-down is now on full display with Chinese stocks outperforming on the back of stronger than expected economic data. Elsewhere in EM, Ecuador announced a debt restructuring agreement with the majority of shareholders. In Indonesia, Bank Indonesia and the Ministry of Finance announced coordinated action akin to what is usually observed in developed countries. Argentinians took to the streets to ask for better economic conditions and in protest against planned nationalisations. In Ivory Coast, presidential candidate Amandou Gon Coulibaly passed away, which increases the odds that current President Alassane Ouattara will seek a third term in office. Chile’s Congress approved a bill, which allows pensioners to withdraw up to 10% of their pension savings. In Brazil, President Jair Bolsonaro was diagnosed with coronavirus. Egyptian inflation surprised to the downside as the stock of foreign exchange reserves increased. The minutes from the most recent meeting of monetary policy committee in Mexico revealed a cautious approach to rate cuts.