EMERGING MARKETS-Brazil's real on a tear amid bleak outlook

Brazil's real surged 2.6% on Wednesday after industrial output in the country fell less than expected, while other Latin American currencies joined a rally in risk assets on hopes of a strong economic recovery from a pandemic-induced recession. Industrial production in Brazil fell 18.8% in April at its fastest pace on record due to coronavirus containment measures, but the drop was less than the estimated 29.2% slide. "It still highlights that