The Credit Suisse PMI heatmap (via FT Alphaville) shows Brazil, Japan and Australia looking on the weak side. Japan has its own problems (and a car scrappage scheme has distorted its industrial production) and Australia is suffering from a strong currency and unexpectedly weak consumer spending. But what about Brazil?

I know that data coming from Latin America has been disappointing compared to analysts’ expectations. Here is the Citigroup Economic Surprise Index for Latam:
But I am not sure what risks this brings to global markets. For the moment, as far as the market is concerned, “emerging markets” either means China, or beneficiaries of hot money inflows from QE.