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Summary – July 09

LATAM
EM BulletHomepagemarkets-real-timeBulletEmerging Market NewsBank of Japan (BOJ) Market News
  • Focus on Tuesday turns to Mexico CPI inflation for June, where the headline rate is expected to rise further to 4.87% y/y, even as core inflation edges down to 4.14%. Mexico June consumer confidence is also due, alongside vehicle production and exports figures.
  • Elsewhere, Tuesday is a scant session for data releases, keeping focus on the more consequential US inflation release for June set for Thursday. The central bank speaker slate is busier, however, with the Fed's Barr, Powell and Bowman all set to make appearances. Powell presents the semi-annual testimony with an appearance in front of the Senate banking committee at 1500BST/1000ET.
  • Global news:
    • US – House Democrats will gather on Tuesday for a consequential day of closed-door meetings where the focus is expected to be largely on President Biden's viability as a candidate and the path for the party going forward. House Democrats will meet at the Democratic National Committee headquarters just steps from the US Capitol at 0900ET.
    • JAPAN – The BoJ will speak face-to-face with market participants over the next couple of days in key meetings aimed at gauging a realistic pace for a reduction of its bond purchases to be announced later this month. The central bank’s financial markets department will host three gatherings with representatives from banks, securities firms and those buying bonds for financial institutions.
    • EU – The ECB shouldn’t be overly worried about stubborn services inflation and still-robust wage growth, Governing Council member Fabio Panetta said. “Concerns are not unwarranted, but they need to be put into perspective, as services prices tend to move differently from those of goods,” the Bank of Italy governor said Tuesday. Panetta reiterated that recent data and the outlook allow for a further gradual lowering of borrowing costs.
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  • Focus on Tuesday turns to Mexico CPI inflation for June, where the headline rate is expected to rise further to 4.87% y/y, even as core inflation edges down to 4.14%. Mexico June consumer confidence is also due, alongside vehicle production and exports figures.
  • Elsewhere, Tuesday is a scant session for data releases, keeping focus on the more consequential US inflation release for June set for Thursday. The central bank speaker slate is busier, however, with the Fed's Barr, Powell and Bowman all set to make appearances. Powell presents the semi-annual testimony with an appearance in front of the Senate banking committee at 1500BST/1000ET.
  • Global news:
    • US – House Democrats will gather on Tuesday for a consequential day of closed-door meetings where the focus is expected to be largely on President Biden's viability as a candidate and the path for the party going forward. House Democrats will meet at the Democratic National Committee headquarters just steps from the US Capitol at 0900ET.
    • JAPAN – The BoJ will speak face-to-face with market participants over the next couple of days in key meetings aimed at gauging a realistic pace for a reduction of its bond purchases to be announced later this month. The central bank’s financial markets department will host three gatherings with representatives from banks, securities firms and those buying bonds for financial institutions.
    • EU – The ECB shouldn’t be overly worried about stubborn services inflation and still-robust wage growth, Governing Council member Fabio Panetta said. “Concerns are not unwarranted, but they need to be put into perspective, as services prices tend to move differently from those of goods,” the Bank of Italy governor said Tuesday. Panetta reiterated that recent data and the outlook allow for a further gradual lowering of borrowing costs.