Emerg Mkts Strategy: Emerging Markets Daily, May 11, 2005

Today\'s Market Drivers

Brazil: April IBGE Inflation IPCA (ML: 0.85% MoM, Cons: 0.82% MoM).
Colombia: Reaction to pension vote result.
United States: MBA Mortgage Applications for w/e 5/06/05 at 7:00 am EST; March Trade Balance (ML: US$62.5 billion, Cons: US$61.9 billion) at 8:30 am EST; Crude Oil Inventory Data for w/e 5/06/05 at 10:30 am EST; April Monthly Budget Statement (ML and Cons: US$55.0 billion) at 2:00 pm EST.

In This Issue

Turkey: Rates Cut, No Sparks (p5); FX Strategy: EU Referendum - What\'s the Euro Got to Do with It? (p6).

Quote of the Day

\"We seek fair and balanced trade, free of the subsidies imposed by rich countries, and to ensure poor countries the benefits of globalization.\"

- Brazilian President Lula da Silva, at a summit of Arab and South American countries

\"The strategic importance is huge for Brazil and other countries. You need to create blocs that effectively combat the protectionism of the biggest, most-developed countries.\"

- Michel Alaby, Vice President of the Brazilian-Arab Chamber of Commerce, at the same summit