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Summary – June 03

LATAM
  • The BCB will publish its weekly Focus survey on Monday, while the BCCh will release its latest traders survey and Banxico its economist survey. In Chile, April economic activity will cross, while May PMI data are due in Brazil and Mexico. April remittances figures will also be published in Mexico. In the US, focus turns to ISM manufacturing numbers for May. Central bank speak is thin as banks enter their pre-meeting media blackout periods.
  • Global News:
    • US - Minneapolis Fed president, Neel Kashkari, has called for interest rates to stay on hold for an “extended” time, saying lowering borrowing costs before inflation was under control would put the foundations of US prosperity at risk. Kashkari also said that Americans’ “visceral” hatred of inflation meant that some people would prefer a recession to a jump in prices.
    • ISRAEL - Two days after US President Biden laid out what he called an Israeli proposal to end its war on Hamas, it’s clear that key aspects of the deal have not been embraced by PM Netanyahu. The impasse between Israel and Hamas over exchanging hostages for prisoners remains unchanged: Israel will pause fighting but not end it as long as Hamas’s governing and military structures remain intact, while Hamas will free hostages only if it’s guaranteed a permanent cease-fire.
    • OIL - OPEC+ extended its production cuts as it seeks to bolster a fragile market, but also set a date to begin bringing some oil back online later this year. The agreement reached in Riyadh on Sunday exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year. However, it also begins rolling back those supply reductions in October, earlier than some OPEC-watchers had assumed.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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