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Lula Victory in Brazil, China PMI Data Disappoints

LATAM
  • As noted, Lula has won Brazil's Presidential election race in the tightest election in modern history: Lula won 50.9% of the popular vote vs. Bolsonaro's 49.1%.
  • The greenback is making steady gains early Monday, with markets tentatively awaiting the Fed’s rate decision on Wednesday. The Fed remain in their pre-decision media blackout period. Focus turns to the MNI Chicago PMI for October, seen rising to 47.0 from 45.7 previously.
  • Weakness for the Chinese Yuan persists, with the latest wave of pressure following overnight source reports from Bloomberg, that the US has raised the idea of export control regimes for China with their European partners - mimicking the patterns and techniques used with Russia.
    • Additionally, weaker China's Purchasing Managers' Index slid to 49.2 in October from 50.1 in September, falling back to the contractionary zone below 50 due to sporadic outbreaks of Covid-19 across the country. The non-manufacturing PMI dropped by 1.9 points to 48.7, falling below 50 for the first time since May.
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