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Brazil & Chile Growth Data, US Employment Report

LATAM
  • Brazilian Q2 GDP and Chile Economic Activity (Imacec) for July will highlight Friday’s data docket in LatAm. Additionally, Peru CPI for August will be in focus. PMI data will be released for Brazil, Mexico and Colombia. Mexico remittances and Brazil trade balance data will round off the week.
  • Naturally, the key driver for global markets will be the release of the US employment report. The Bloomberg median sees nonfarm payrolls rising 170k in July (primary dealer 165k), after July’s 187k saw the second consecutive month of undershooting expectations. Both major currency and fixed income markets remain subdued ahead of the data.
  • The People's Bank of China cut the FX reserve requirement ratio for banks on Friday to help support the yuan which has weakened over recent months. The central bank reduced the FX RRR by 200bp from 6-4%, the first cut since Sept 2022, making it effective from Sept 15th. The PBOC said it would “improve financial institutions' capacity to use foreign funds."
  • China is set to take further action including relaxing home-purchase restrictions as it scrambles to tackle a deepening crisis in its massive debt-riddled property sector, four people familiar with the matter said.
  • Five of China’s biggest banks on Friday cut interest rates on a range of deposits in a coordinated effort to ease pressure on their shrinking margins, as Beijing ramps up measures to shore up the country’s faltering economy.
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