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April Economic Activity Data, Boric State of The Nation Address

CHILE
  • At 1330BST/0830ET, the central bank will publish economic activity figures for April. Activity indicators remained on the weak side in April, with retail sales and manufacturing falling sequentially, while volatile mining rebounded.As a reminder, mining fell 1.76% in March from the month prior to its lowest since 2017. Some analysts expect a small relief rebound in April. Waning demand from China, political uncertainty, higher royalties and changes in lithium regulations remain headwinds.
    • April Economic Activity M/m, est. 0.1%, prior -0.1%
    • April Economic Activity Y/y, est. -0.5%, prior -2.1%
  • At 11am local/ET, President Gabriel Boric will give his Annual Speech to Congress of the State of the Nation. Notably, the address comes after Chile’s benchmark S&P IPSA index tumbled in line with a drop in global markets on Wednesday amid concerns about global growth. This completed seven days of losses, its longest losing streak since December 2021.
  • Separately, Central Bank president Rosanna Costa and board members Stephany Griffith-Jones and Elias Albagli will participate in a seminar about banking and green transition.

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