Upside surprises in economic activity across Emerging Markets (EM) feeds strong performance in markets. Brazil signalled the end of fiscal transfers by year-end. China had another month of robust credit expansion. Romania moved towards forming a new government led by a market-friendly centre-right coalition. South Africa had the best current account data in more than a decade. Remittances were stronger than expected in Egypt. Indian high frequency economic data surprised to the upside again in December. Mexican inflation declined more than expected, opening the door for further rate cuts in 2021. In Ghana, the market-friendly incumbent President Akufo-Addo was re-elected for another four years. Malaysia’s government approved a new pension withdrawal scheme.