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BoE Data Watch

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Summary – February 07

LATAM
  • Brazil retail sales data for December and January trade data are due for release on Wednesday. Colombia CPI inflation figures for January will be published after market close. Elsewhere, US trade balance data also crosses, while further Fed speak includes expected comments from the Fed’s Kugler, Collins, Barkin and Bowman.
  • Global News:
    • MIDEAST (MNI) – Reuters claims to have seen a draft of the counterproposal from Hamas regarding a ceasefire. The group's plan would see the fighting halted for 135 days in three 45-day phases to allow for the return of all Israeli hostages in return for the release of Palestinian prisoners. The draft claims that "By the end of the third phase, Hamas would expect the sides to have reached agreement on an end to the war."
    • US - New York Community Bancorp shares sink as much as 16% in premarket trading on Wednesday, set to drop to their lowest level since January 1997, as its credit grade was cut to junk by Moody’s less than a week after the regional lender alarmed shareholders by slashing payouts and reported a surprise quarterly loss.
    • CHINA MNI (Beijing) - growth in Chinese copper demand will slow to 3-4% y/y in 2024, as work on electrical grids and new energy slows, however, policy support for copper intensive housing completions and new energy industries will underpin consumption into late 2025, analysts told MNI. Policymakers’ renewed focus on completing unfinished properties and urban village renewal will support demand until next year before decreasing, said He Tianyu, a Shanghai-based senior copper analyst at CRU.
    • ECB (MNI) - the ECB could cut rates in April or June, but uncertainty is too great for clear forward guidance and more confirmation is needed of a sustainable decline in inflation before deciding on the timing and the pace of subsequent easing, Bank of Lithuania Governor Gediminas Simkus told MNI. Most of the impact of ECB tightening so far has already been transmitted to the economy, with “the time for rate cuts approaching," Simkus said in an interview.
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