Brazil's July PMI edges up to 48.7 from 48.5 previously, but remains in contraction territory...

Brazil's July PMI edges up to 48.7 from 48.5 previously, but remains in contraction territory for the 4th consecutive month. "Stocks of finished goods were depleted at the fastest pace since March," comments Markit, suggesting hope for a production pickup. Mercilessly beat on for the last year, Brazilian shares have shown signs of life the last 2 weeks, EWZ +5.6%.