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Peru GDP, Argentine Activity Data & IMF Disbursement Vote

LATAM
  • Highlights on the LatAm docket include Peru GDP and Argentina Economic Activity. Separately, the IMF’s executive board votes on Argentina’s most recent staff-level agreement, with a $7.5 billion disbursement potentially in play. For global markets, S&P Global US PMIs, US new home sales and EU consumer confidence are scheduled.
  • Eurozone August flash PMIs unsurprisingly reflected the French and German reports released earlier, with weaker than expected services, and a surprising uptick in manufacturing. Amid weak demand, employment slowed to near-stall speed with services inflation ticking higher. Meanwhile, UK PMI numbers showed weak demand via sluggish new orders as well as a further moderation in inflationary pressures, evident in the slowest pace of rise in input costs for two-and-a-half years.
    • Both EUR and GBP have unsurprisingly come under pressure, with the disappointing data prompting solid pullbacks for both EURJPY (-0.67% and GBPJPY (-1.11%) on Wednesday.
  • U.S. Commerce Secretary Gina Raimondo met Chinese Ambassador Xie Feng on Tuesday and had a "productive discussion" ahead of her trip to China (RTRS).
  • Iron ore rallied again in Singapore (+3.8%) to near its highest in a month. The steel-making staple has jumped 12% since last Wednesday’s close as the market assesses dwindling iron ore inventories which may lead mills to restock.
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