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Market News Topics
July 31, 2024 10:29 GMT
Summary – July 31
LATAM
- Central bank interest rate decisions take the focus on Wednesday, with the BCB expected to hold at 10.50%, while BanRep delivers another 50bp cut to 10.75% and the BCCh trims rates by a further 25bp to 5.50%. On the data front, Brazil June unemployment will be followed by Chile activity data for June, including IP and retail sales. Mexico outstanding loans and Colombia unemployment figures are also due. Elsewhere, the Fed decision takes focus, with markets watching for any signal from the FOMC that the bank is closing in on a potential September rate cut.
- JPY – Central banks continue to roil markets, with the surprise 15bp rate hike from the BoJ to 0.25% leaning against expectations split between no change and a 10bp hike. The resultant JPY strength was compounded by Ueda's tone in the post-decision press conference, at which he strongly suggested the BoJ is only at the beginning of its tightening cycle, and 0.50% would be no ceiling for rates in the near-term.
- Global news:
- US (MNI) – The Fed will hold rates for an 8th consecutive meeting today, putting immediate attention on any signals about potential cuts in September. While inflation and the labour market cooled in Q2, providing a clear path to rate cuts by year-end, underlying demand has remained resilient. With the lingering memory of various data "head fakes" in mind, yet a “soft landing” still in reach, the FOMC is likely to express only cautious optimism.
- JAPAN (MNI) – In addition to the 15bp rate hike to 0.25%, the BoJ also decided to lower its purchase of JGBs by JPY 400bn quarterly. The scale of JGB buying will fall to JPY 2.9tn monthly by Q1 2026. “The bank judged it appropriate to adjust the degree of monetary accommodation from the perspective of sustainable and stable achievement of the price stability target of 2%,” the BOJ said in a statement.
- ISRAEL (MNI) – Two notable strikes against senior figures within militant groups opposed to Israel within the past 24 hours could have a significant impact on the security outlook for the Middle East. Late on 30 July, Israel carried out an air strike on a suburb of the Lebanese capital, Beirut, hitting a building containing senior Hezbollah commander Fuad Shukr. Israel claims that Shukr was killed in the attack, while Hezbollah has only confirmed that he was in the building.
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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