Emerging Markets CalendarChina official PMI lift mainly seasonal

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Official PMI and final HSBC PMI from China are the main attractions this week. Look out for seasonal effects in the official PMI. Finally, Brazil is soon going to end its aggressive easing campaign, and a final cut is now very dependent on the recovery of the economy. The minutes from last week's rate meeting suggest to us that a final cut is likely, but smaller than previous cuts. Central Banks in emerging Europe are still mainly on hold. We see no monetary policy adjustment in the Czech Republic this time around.