Inflation surprised to the downside across most large EM economies in June. China’s central bank cut its reserve requirement ratio by 50bps. Economic data surprised to the upside in Brazil and Taiwan. India’s Prime Minister Narendra Modi reshuffled his ministerial cabinet to improve policy execution. The ratings agency Fitch upgraded Ecuador’s ‘B-‘ sovereign credit rating outlook to positive. Services PMI was better than expected in Russia and Brazil, but worse than expected in China and India. The minutes from the Mexico central bank monetary policy committee (MPC) showed most members favoured further rate hikes. Turkey’s current account deficit deteriorated. The central bank of Philippines said inflation is likely to come back to its target.