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Banxico Quarterly Report, Brazil & Chile Labour Data

LATAM
  • The highlight of Wednesday’s LatAm docket will be Mexico publishing the central bank Quarterly Inflation Report. Brazil July formal job creation and central government budget balance is scheduled, alongside Chile reporting its July unemployment rate. Uruguay will release its August PPI.
  • Having received state data that equates to 86.7% weighting of the national German CPI print (due at 1300BST/1400CET). MNI calculations estimate that national CPI rose by 0.34% m/m and 6.14% y/y. This is based on the published index values for available state data. The data implies readings above expectations for the y/y print of 6.0%, rounded to 0.3% m/m and 6.1% y/y.
  • US Commerce Secretary Raimondo hopes in next few months to 'see some results' after China meetings. “U.S. told China in export control meeting this week that the U.S. are not targeting China and they expect constant informal information sharing with China on exports control”.
  • UK Foreign Secretary James Cleverly makes the first trip to China by a British foreign secretary since 2018 to re-establish lines of communication. He also stated that "We are clear-eyed about the areas where we have disagreements with China and I raise those. [...] We have to have a pragmatic relationship with China."
  • Recent government measures that address intellectual property and market access concerns may prove ineffective at boosting FDI, as international corporations operating in Mainland China grow increasingly worried over the country's economy and lack of policy response, international business leaders in China have told MNI.
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