July 08, 2024 10:21 GMT
Summary – July 08
LATAM
- Chile will publish June CPI inflation on Monday, alongside June trade figures and the latest BCCh traders survey. Analysts expect the annual inflation rate to edge up to 4.3% y/y, from 4.1%. Colombia will also publish June CPI data this evening, where the headline rate is expected to remain steady at 7.15% y/y, while core inflation moderates to 7.66%. Elsewhere, the BCB’s Focus survey will also cross. In the US, the schedule is light, with just the NY Fed's one-year inflation expectations data on the docket.
- Global news:
- FRANCE (MNI) – Efforts by the leftist New Popular Front (NFP) and President Macron's centrist Ensemble bloc to form a 'republican front' in the second round of legislative elections on 7 July to limit gains for the right-wing nationalist Rassemblement National (RN) have worked extremely effectively. Despite the RN leading all pre-election polling and winning a plurality of the vote (37.1%), the party came in a disappointing third place with 142 of the 577 seats, a gain of 53. The major beneficiaries are the NFP, which won only 25.8% of the vote but emerges as the largest political force with 180 seats in the National Assembly. Ensemble came in second place with 159 seats, a loss of 86.
- US – The political crisis surrounding President Biden deepened Sunday as the number of House Democrats who are calling on the president to step aside rose to nine. Four senior House Democrats forcefully declared Sunday during an off-the-record call with House Democratic leadership that they believe Biden should step aside. They join five other House Democrats who have publicly called on Biden to drop his re-election bid or have said they believe Donald Trump will beat him in November.
- CHINA (MNI Beijing) – The PBoC will conduct temporary repurchase operations to promote open market operations efficiency, according to a statement on its website on Monday. The central bank will conduct temporary overnight repurchase or reverse repurchase operations as needed, from 16:00 to 16:20 pm Beijing time on trading days, using a fixed rate and quantity bidding method, the statement said.
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