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Summary – February 20

LATAM
  • In Mexico, the latest Banamex survey of economists will be released, while Argentina trade and fiscal data for January will be published later. Colombia industrial and retail confidence for January will also cross. In the US, January leading index and February Philly Fed non-manufacturing activity will be published. Central bank speakers are few and far between, with no key Fed or ECB representatives on the docket.
  • Global News:
    • CHINA (MNI) – China’s bigger-than-expected cut to the Loan Prime Rate’s five-year plus tenor has sent a strong signal of support to the property market and will make further central bank easing more likely should the economy continue to soften and the Fed turns dovish. The PBoC said that it would reduce the 5-year LPR by 25bp to 3.95%, its biggest cut yet, while the 1-year LPR was unchanged at 3.45%.
    • COMMODITIES – Iron ore slumped to a three-month low despite the extra support for China’s housing market as investors fretted that steel demand wouldn’t stage a strong recovery after the Lunar New Year break. Futures sank more than 5% in Singapore to hit the lowest intraday price since early November, following a drop in the week’s opening session.
    • MIDEAST (BBG) – the US proposed a UN Security Council resolution warning against an Israeli assault on Rafah in the southern Gaza Strip and calling for a temporary cease-fire. “Under current circumstances a major ground offensive into Rafah would result in further harm to civilians and their further displacement including potentially into neighbouring countries, which would have serious implications for regional peace and security,” the draft says.
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