Generally, reported second-quarter GDP growth figures in EM EMEA and LatAm were better than our expectations. The Delta variant didn't have as much of an impact as expected on domestic activity, and exports expanded rapidly. Mobility is close to, or above pre-pandemic levels, suggesting a limited upside from further re-openings. In most key emerging markets in Asia, there’s a sizeable gap from pre-pandemic mobility levels, and gradual re-openings of pandemic-hit sectors should lift growth in the coming quarters.