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July Trade Data and June Economic Activity Figures Due

ARGENTINA
  • At the top of the hour, markets will receive both July trade data and June economic activity figures for Argentina.
    • 2000BST/1500ET – Argentina July Trade Balance (Est. $1.1B, Prior $1.07B)
    • 2000BST/1500ET – Argentina June Economic Activity (Est. 2.0% M/m, Prior -2.0%)
    • 2000BST/1500ET – Argentina June Economic Activity (Est. 10.2% Y/y, Prior 13.6%)
  • The advance Bloomberg expect for June activity should be positive news, but insufficient to fully offset losses over the previous two months.
  • Industrial output (10.5%) and construction activity(6.8%) both rose significantly in June from the prior month. The relative reduction in mobility restrictions in June -- after increases in May -- also favours some recovery in in-person services.
    • If confirmed, this result would bring the three-month average of this indicator -- a good proxy for GDP -- to a 1.5% contraction from the previous quarter and 15.7% year-over-year gain in 2Q. (BBG)

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