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Summary – April 25

LATAM
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News
  • Brazil FGV construction costs for April are published Thursday, followed by Argentina April consumer confidence data. In the US, focus turns to Q1 advanced US GDP data and the latest core PCE price index release. March trade balance, pending home sales and the latest weekly jobless claims are also set to cross. Central bank appearances include the ECB's Nagel (on climate change) and Panetta.
  • Global News:
    • US / CHINA – US Secretary of State Blinken raised concerns over unfair trade practices in the world’s No. 2 economy as he began talks in China, with the threat of US sanctions on Beijing for its support of Russia looming over his visit. “We have an obligation for our people — indeed an obligation to the world — to manage the relationship between our two countries responsibly,” he told Shanghai Party Secretary Chen Jining on Thursday morning.
    • JAPAN (MNI) – The break of the yen through 155 to the dollar is insufficient to prompt any immediate rate hike by the BoJ, though it continues to monitor exchange rate depreciation for an inflationary boost which could prompt monetary tightening by as early as its June meeting, MNI understands. While the Bank expects a lower yen to prompt an inflation rebound by the northern summer, potentially justifying an increase in its overnight rate, it is aware that it cannot be seen to act based on FX considerations alone, lest it prompt more speculation.
    • COMMODITIES – Iron ore extended its climb to the highest level in seven weeks on signs of economic recovery in top consumer China and a drop in export flows from Australian producers. Futures in Singapore rose almost 2%, before paring gains. Analysts in a Bloomberg survey upgraded their growth forecasts for China, even amid the ongoing property crisis. Prices of steel reinforcement bar, a key product used in construction, show signs of bottoming out.
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  • Brazil FGV construction costs for April are published Thursday, followed by Argentina April consumer confidence data. In the US, focus turns to Q1 advanced US GDP data and the latest core PCE price index release. March trade balance, pending home sales and the latest weekly jobless claims are also set to cross. Central bank appearances include the ECB's Nagel (on climate change) and Panetta.
  • Global News:
    • US / CHINA – US Secretary of State Blinken raised concerns over unfair trade practices in the world’s No. 2 economy as he began talks in China, with the threat of US sanctions on Beijing for its support of Russia looming over his visit. “We have an obligation for our people — indeed an obligation to the world — to manage the relationship between our two countries responsibly,” he told Shanghai Party Secretary Chen Jining on Thursday morning.
    • JAPAN (MNI) – The break of the yen through 155 to the dollar is insufficient to prompt any immediate rate hike by the BoJ, though it continues to monitor exchange rate depreciation for an inflationary boost which could prompt monetary tightening by as early as its June meeting, MNI understands. While the Bank expects a lower yen to prompt an inflation rebound by the northern summer, potentially justifying an increase in its overnight rate, it is aware that it cannot be seen to act based on FX considerations alone, lest it prompt more speculation.
    • COMMODITIES – Iron ore extended its climb to the highest level in seven weeks on signs of economic recovery in top consumer China and a drop in export flows from Australian producers. Futures in Singapore rose almost 2%, before paring gains. Analysts in a Bloomberg survey upgraded their growth forecasts for China, even amid the ongoing property crisis. Prices of steel reinforcement bar, a key product used in construction, show signs of bottoming out.