EM steals the spotlight. Last week events in emerging markets stole the spotlight from heavy hitters such as the BoE and Fed. With China activity data release over the weekend it seems as if volatility driven by EM will continue. The Bank of Thailand (BoT) held rates steady opting wait-and-see before adjusting further providing yield harvesting traders an opportunity. In India, CPI inflation surged, due to food prices most likely forcing the Reserve Bank of India (RBI) to pause easing. Brussel and Athens were at it again over bailout terms, potentially destabilizing a fragile peace in Europe. Finally, there are increasing signs that the slowdown in US data is more than a blip. This time data suggest growing weakness in the durable housing market.