Emerging Markets Monthly:Reassessing Risk Tax cuts could extend the business cycle Reduce: 3Q FY17: Asset quality remains a concern Excavator sales grew 54% yoy in January despite CNY distortion Listed brokers' NP down 22% MoM in Jan 2017 Worried about rates impact on EM sovereign credit? Look at EM corporates Hold: Still waiting for new product approvals Argentina: Disinflation trend firmly in place DB Today - Global/Macro Buy: Robust outlook; FCF grew 13% yoy in 9M’17