MNI BRIEF: China To Support OBOR Via Foreign Exchange Reserves

MNI China Daily Summary: Friday, October 18

RPT-MNI POLICY: Weaker Yen Ups Dec Hike Chances But US Vote A Risk

MNI BRIEF: PBOC To Curb Challenges Of House And Equity Markets

MNI BRIEF: PBOC Launches CNY300bln Stock Buy-back Facility

MNI BRIEF: China To Approve More Securities Funds - NFRA

MNI: US SEP HOUSING STARTS 1.354M; PERMITS 1.428M

EZ/UK Bond Supply Calendar: IT, SL, EU, BE, BoE APF on Monday

MNI: EUROZONE AUG CONSTRUCTION OUTPUT +0.1% M/M, -2.5% Y/Y

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CHILE: Fitch Expects Government To Miss 2024 Fiscal Deficit Target

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • Fitch has said that the government is unlikely to hit its 2% of GDP 2024 fiscal deficit target and that it faces challenges in meeting its medium-term debt reduction goal. Fitch notes that the 12-month rolling deficit reached 3.9% of GDP in August, due to revenue underperformance, but expects some improvement into year-end, driven by stronger income tax revenues and higher copper prices. Fitch expects a 2.9% of GDP deficit for this year.
    • For the full Fitch report see here.
    • Aided by a 1.8% rebound in copper prices today and a pullback in the dollar, USDCLP has opened moderately lower today, although losses have been pared in recent trade, with the pair just 0.2% lower at 944 at typing.
    • We have noted that the recent recovery in USDCLP has resulted in a break of both the 20- and 50-day EMAs, signalling scope for an extension higher, towards 951.80, the Sep 10 high. A break of this level would open the 960.00 handle.
160 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Fitch has said that the government is unlikely to hit its 2% of GDP 2024 fiscal deficit target and that it faces challenges in meeting its medium-term debt reduction goal. Fitch notes that the 12-month rolling deficit reached 3.9% of GDP in August, due to revenue underperformance, but expects some improvement into year-end, driven by stronger income tax revenues and higher copper prices. Fitch expects a 2.9% of GDP deficit for this year.
    • For the full Fitch report see here.
    • Aided by a 1.8% rebound in copper prices today and a pullback in the dollar, USDCLP has opened moderately lower today, although losses have been pared in recent trade, with the pair just 0.2% lower at 944 at typing.
    • We have noted that the recent recovery in USDCLP has resulted in a break of both the 20- and 50-day EMAs, signalling scope for an extension higher, towards 951.80, the Sep 10 high. A break of this level would open the 960.00 handle.