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LATAM: Summary – October 01

LATAM
EM BulletBulletGlobalEmerging Market NewsRegion
  • Claudia Sheinbaum will be sworn in as Mexico’s next president on Tuesday, while on the data front, Chile economic activity (IMACEC) data for August will be released, followed by Brazil and Colombia manufacturing PMIs for September. Argentina will also publish September tax revenue figures.
  • In the US, ISM Manufacturing data set for release later today should be the highlight going forward and is expected to continue to point to decelerating economic activity - mimicking the patterns laid out in yesterday's MNI Chicago PMI numbers.
  • Markets underwent a broad, but shallow, phase of risk-off alongside the European open Tuesday, with a dip in the belly of the US yield curve helping trigger a phase of equity selling and USD buying. As a result, EUR/USD has opened a >100 pip gap with the recent cycle high, aided by building expectations of a back-to-back 25bp rate cut at the ECB's October meeting.
  • Eurozone CPI estimate came in alongside expectations for the headline and core Y/Y readings, but downside risks were present in the monthly reading, which came in negative (-0.1% M/M) for the first time since January.
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  • Claudia Sheinbaum will be sworn in as Mexico’s next president on Tuesday, while on the data front, Chile economic activity (IMACEC) data for August will be released, followed by Brazil and Colombia manufacturing PMIs for September. Argentina will also publish September tax revenue figures.
  • In the US, ISM Manufacturing data set for release later today should be the highlight going forward and is expected to continue to point to decelerating economic activity - mimicking the patterns laid out in yesterday's MNI Chicago PMI numbers.
  • Markets underwent a broad, but shallow, phase of risk-off alongside the European open Tuesday, with a dip in the belly of the US yield curve helping trigger a phase of equity selling and USD buying. As a result, EUR/USD has opened a >100 pip gap with the recent cycle high, aided by building expectations of a back-to-back 25bp rate cut at the ECB's October meeting.
  • Eurozone CPI estimate came in alongside expectations for the headline and core Y/Y readings, but downside risks were present in the monthly reading, which came in negative (-0.1% M/M) for the first time since January.