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Summary – June 19

LATAM
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • On Wednesday, the BCCh will publish its June quarterly monetary policy report, following its further 25bp interest rate cut last night. In Brazil, rising domestic fiscal pressures and the associated sharp weakness for Brazilian assets have prompted markets to no longer forecast further policy easing from the BCB. Combined with the recent increase in inflation expectations, the Copom is expected to stand-pat at 10.50%. Elsewhere, Argentina May trade data are due. In the G10, the Bank of Canada minutes/deliberations release and the US MBA Mortgage Applications data take the focus, with the central bank speakers slate particularly quiet given the Juneteenth market holiday in the US.
  • Global News:
    • RUSSIA / NORTH KOREA - North Korean leader Kim Jong Un pledged to “unconditionally support” Russia in its invasion of Ukraine at talks with President Putin in Pyongyang that emphasised deepening ties amid US concerns about arms supplies to the Kremlin’s war machine. The two leaders said relations are headed to new levels when they met Wednesday to start formal discussions in the Russian leader’s first visit to North Korea in 24 years.
    • JAPAN - Japan’s Ministry of Finance is weighing a plan to shift more of its bond issuance to shorter maturities, according to a draft proposal seen by Bloomberg, a major change as the central bank moves to cut purchases of government debt. Finance Ministry officials have prepared a draft proposal that calls for increasing the proportion of issued bonds with shorter maturities. An expert panel is likely to endorse the broad contours of the plan on Friday.
    • US / CHINA - A senior American official is set to visit Japan and the Netherlands to ask the two countries to add fresh restrictions on China’s semiconductor sector, including on its ability to make the high-end memory chips needed for artificial intelligence. US Under Secretary of Commerce for Industry and Security Alan Estevez will press his counterparts in Tokyo and The Hague to put more limits on the activities in China of Dutch supplier ASML Holding NV and Japan’s Tokyo Electron Ltd., according to people familiar with the matter.
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  • On Wednesday, the BCCh will publish its June quarterly monetary policy report, following its further 25bp interest rate cut last night. In Brazil, rising domestic fiscal pressures and the associated sharp weakness for Brazilian assets have prompted markets to no longer forecast further policy easing from the BCB. Combined with the recent increase in inflation expectations, the Copom is expected to stand-pat at 10.50%. Elsewhere, Argentina May trade data are due. In the G10, the Bank of Canada minutes/deliberations release and the US MBA Mortgage Applications data take the focus, with the central bank speakers slate particularly quiet given the Juneteenth market holiday in the US.
  • Global News:
    • RUSSIA / NORTH KOREA - North Korean leader Kim Jong Un pledged to “unconditionally support” Russia in its invasion of Ukraine at talks with President Putin in Pyongyang that emphasised deepening ties amid US concerns about arms supplies to the Kremlin’s war machine. The two leaders said relations are headed to new levels when they met Wednesday to start formal discussions in the Russian leader’s first visit to North Korea in 24 years.
    • JAPAN - Japan’s Ministry of Finance is weighing a plan to shift more of its bond issuance to shorter maturities, according to a draft proposal seen by Bloomberg, a major change as the central bank moves to cut purchases of government debt. Finance Ministry officials have prepared a draft proposal that calls for increasing the proportion of issued bonds with shorter maturities. An expert panel is likely to endorse the broad contours of the plan on Friday.
    • US / CHINA - A senior American official is set to visit Japan and the Netherlands to ask the two countries to add fresh restrictions on China’s semiconductor sector, including on its ability to make the high-end memory chips needed for artificial intelligence. US Under Secretary of Commerce for Industry and Security Alan Estevez will press his counterparts in Tokyo and The Hague to put more limits on the activities in China of Dutch supplier ASML Holding NV and Japan’s Tokyo Electron Ltd., according to people familiar with the matter.