To watch.    BRL: Industrial production. (Jun'17,MoM). Previously 0.80%. DB expects -0.20%BRL: Trade Balance (July'17). Previously USD7195mn DB expects USD6500mn.    PEN: CPI. (July'17, YoY). Previously 2.73%. DB expects 2.8%.    Key recent developments.    ARS: Industrial Production (Jun'17, YoY). Above expectations at 6.6%.    MXN: GDP (2Q'17, YoY). Above expectations at 1.8%.    PLN: CPI(flash) (Jul'17, YoY). Below expectations at 1.7%.    TRY: Trade balance(Jun'17, USD bn). In line with expectations at -6.0.    ZAR: Trade balance(Jun'17, ZAR bn). Above expectations at 10.7.    Argentina's reality check.    October's Congressional elections are fast approaching in Argentina. And thepolitical maneuvering and calculations involved in the determination of thecandidates for the primary elections scheduled for August 13th have weighed onArgentina asset prices over the past couple of months including a significant Pesoselloff since the end of June. The prospects of a close race in Buenos Aires and there-emergence of former President Cristina Kirchner as a relevant political actorhas brought renewed investor scrutiny on Argentina's current macro juncturewhich includes relatively sluggish growth, still elevated inflation, and someexternal vulnerabilities. In a special report on Argentina (initially included in EMMacro and Strategy Focus), we briefly update our views on the valuation ofselected assets.    Overall we maintain the view that – for hard-currency-based accounts – externaldebt offers better risk-reward than local debt, especially in longer tenors. Withinhard-currency we continue to favor the USD Pars, which remain significantlycheap to the curve. We maintain switching from the 2046s to the Pars. We preferto wait for electoral volatility to subside before recommending retracement tradesin USD/ARS. Recent volatility has brought to the fore peso overvaluation and theaccompanying deterioration in the current account while savings in USD haveincreased. The capital account is likely to take a hit after strong inflows and afront-loaded issuance schedule. The recent real depreciation of the peso (morethan 25% from the peak in trade-weighted terms) eases some of the overvaluationconcerns. We expect that the BCRA's inflation fight in a context of favorable termsof trades to lead to some real appreciation by year-end

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