But with the market still down 2% this year in local currency terms compared to a 9% gain in the EEM and numbers like 26% and 38% from Turkey andChile, respectively there is a lot of catching up here to do. More trades to watch on the Bovespa next week In China, according to the Ministry of Agriculture, food inflation seems to be coming down. On Friday, Brazilraised its reserve requirements for banks — a move that has been interpreted as a sign that Copom may not raise rates as aggressively if they can control inflation this way.