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No Major Data Releases, China Ask Banks To Lower Deposit Rates

LATAM
  • There are no major Latin American economic data releases scheduled for today. ECB's Centeno and Vujcic make up the speaker slate, with Fedspeak off the agenda as markets sit inside the pre-meeting media blackout period.
  • Chinese authorities asked the nation’s biggest banks to lower their deposit rates for at least the second time in less than a year, according to people familiar with the matter, marking an escalated effort to boost the world’s second-largest economy. State-owned lenders were last week advised to cut rates on a range of products, including on demand deposits by 5 basis points and three-year and five-year time deposits by at least 10 basis points.
  • Eurozone consumer inflation expectations for the next 12 months fell in April, the latest ECB survey showed, declining to 4.1% from 5.0% in March. Inflation expectations three years ahead decreased to 2.5%, from 2.9%. Uncertainty about inflation expectations 12 months ahead also decreased, the survey showed.
  • Of note, the Reserve Bank of Australia lifted the cash rate 25bp to 4.1% today, its 12th hike since May 2022, while the Board stuck to last month's message of returning inflation to its 2-3% target within a “reasonable timeframe”.
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