Casualties related to the Covid-19 pandemic declined across most large countries in Emerging Markets (EM). Chinese trade data was stronger than expected as the Biden Administration hints at a possible shift in trade relations with China. Inflation was lower than expected in India, but slightly higher than expected in Romania. South African riots subsided and transportation started to normalise. Chile hiked policy rates by 25bps. South Korea kept rates unchanged, but signalled willingness to hike rates going forward. Venezuelan oil production increased. Ecuador cut import tariffs to boost investment. Indonesian trade data was stronger than expected. Argentina tightened capital controls. Lebanon failed to form a government. Indonesia, South Africa, and Russia will hold monetary policy committee meetings this week.