Domestic tourism may be a bright spot in 2017 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 Daily prices and news: Chinese steel output falls to 5-month low in January 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