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Summary – August 08

LATAM
  • On Thursday, focus turns to interest rate decisions in Mexico and Peru, with a slight majority expecting a 25bp cut from Banxico, while most analysts see the BCRP remaining on hold. On the data front, July CPI inflation figures will be published in Chile, Mexico and Colombia, while Argentina will release June IP and construction activity figures. In the US, weekly jobless claims data top the docket, with wholesale inventories and trade sales unlikely to move the market needle. The speakers slate is similarly muted, with just Fed's Barkin appearing for a fireside chat just ahead of the US cash close.
  • Global news:
    • JAPAN (MNI) – At least one BoJ board member emphasised the need to raise the policy interest rate to the estimated 1% neutral rate at the July 30-31 meeting, the summary of opinions showed on Thursday. Another member said further monetary adjustment will be necessary should the Bank confirm positive corporate behaviour, such as solid business fixed investment, sustained wage hikes and a continued pass-through of cost increases. Other members also saw the need to adjust the degree of easy policy but there was no view that the BoJ should hurry to raise the interest rate.
    • MIDEAST – Iran’s president told his French counterpart Emmanuel Macron the US and Europe must urge Israel to accept a truce in Gaza to reduce tensions in the Middle East. Masoud Pezeshkian’s comments on a call with Macron on Wednesday hint at a diplomatic path to de-escalation as Israel braces for retaliation after the killing of a top Hamas leader in Tehran. Israel has said it may react disproportionately to any attack from Iran or its proxy militia groups such as Hezbollah in Lebanon.
    • RUSSIA/UKRAINE (MNI) – Despite the claims of Gen. Valery Gerasimov, chief of staff of the Russian Armed Forces, that the Russian army had halted Ukraine's surprise advance into the Kursk oblast of the Russian Federation, reports suggest that fighting in the border region around the town of Sudzha remains intense. The Russian Defence Ministry is claiming that its forces are 'thwarting Ukrainian attempts to break through deeper into the Kursk region'.
EM BulletHomepagemarkets-real-timeBulletEmerging Market NewsBank of Japan (BOJ) Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market NewsBank of Japan (BOJ) Market News

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