Emerging markets morning call with Tim Seymour – 7/8/11

U.S. job numbers stealing the thunder from emerging markets this morning but the real fireworks could come from China over the weekend.

This weekend, everyone will be watching for signs that China has gotten its inflation problem under control.

Otherwise, look for a bit of a pullback as traders take some profits and wait to see whether the Fed starts printing money again — DXY (quote) is already giving back its early gains on the jobs print.

I’ll be back in Turkey and then Moscow next week, so will give you updates from there.