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Mexico & Peru Rate Decisions, China CPI Below Expectations

LATAM
  • Following the inflation data from Mexico, there are no data releases in LatAm for the remainder of the session. Focus turns to central bank decisions from both Mexico and Peru.
  • CHINA: MNI (Beijing) - China's Consumer Price Index fell by 0.2% in October to mark a three-month low, while the Producer Price Index -- a measure of factory-gate inflation -- dropped further, data from the National Bureau of Statistics showed Thursday. The decline in October CPI has exceeded a market consensus of -0.1%, which compared to a flat reading in September.
  • EU: The European Central Bank will not raise rates further in this cycle barring some new “shock”, Bank of France Governor Francois Villeroy said on Thursday. Inflation is showing a clear downwards trend although there could be ups and downs in the rate of price increases in the short term, Villeroy told France’s Radio Classique.
  • US: Philadelphia Fed President Patrick Harker on Wednesday again argued the Federal Reserve should stop raising interest rates, while warning rate cuts are not forthcoming in the near future. "While I see us on the path of taming inflation and protecting our economic underpinnings, I would also caution that a decrease in the policy rate is not something that is likely to happen in the short term," he said in prepared remarks.
  • JAPAN: Bank of Japan board members meeting last month discussed policy options with an eye on a potential exit from the world’s last negative-rate regime, according to a summary of opinions from the gathering. While many members noted that the YCC tweak was appropriate due to the need for continuing stimulus, one member also signalled that the move would be conducive to a smooth exit from the negative rate policy in the future. BOJ Governor Kazuo Ueda said on Thursday that he cannot clarify the order policymakers would remove yield curve control and negative interest rates in moving toward the normalization of easy policy.
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