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Brazil Tax Collections, Argentina Trade Data Due

LATAM
  • Brazil will be disclosing its tax collections data for July and Argentina is scheduled to publish trade balance and budget balance data later in the day. For Mexico, Banamex will disclose the results of their survey of economists. US existing home sales and Richmond Fed Manufacturing data is top of the global docket Tuesday, as well as the beginning of the BRICS summit in South Africa.
    • Two weeks after Moody’s cut some US banks ratings, S&P is downgrading and dimming its outlook for several more banks over similar mix of pressures making life “tough” for lenders. (BBG)
    • The US lifted restrictions on 27 Chinese firms from its “unverified list,” which restricts their ability to buy US technology; a sign Washington is extending an apparent olive branch ahead of Commerce Secretary Gina Raimondo’s planned trip to Beijing this month (BBG).
    • China ramps up Yuan defence with most forceful fixing ever. The PBOC sets the yuan fixing at 7.1992 / USD, versus the average estimate of 7.3103 in a Bloomberg survey. The gap of 1111 pips from average estimate would be the strongest on record since 2018 (BBG).
    • BOJ sees banks coping well as yield control eased. The effect of rising yields since the BOJ raised the effective upper limit on the 10-year bond to 1% in July has been limited, with banks able to cope with a gradual change without needing to offload bonds in a hurry (MNI).
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