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Summary – May 09

LATAM
  • Banxico is expected to keep its policy rate unchanged at 11% today, while in Peru the central bank is expected to deliver a 25bp cut to 5.75%. On the data front, April CPI inflation data for Mexico will be released. Elsewhere, US weekly jobless and continuing claims data will cross, while central bank speak includes speeches from the ECB's Cipollone and de Guindos, and the Fed's Daly.
  • Global News:
    • US / ISRAEL - US President Biden said he would halt additional shipments of offensive weapons to Israel if the country launched a ground invasion of Rafah, decrying the potential loss of civilian life as “just wrong.” “We’re going to continue to make sure Israel is secure in terms of Iron Dome and their ability to respond to attacks that came out of the Middle East recently,” Biden said in an interview Wednesday with CNN.
    • JAPAN - BoJ Governor Kazuo Ueda reiterated his view that an abrupt and one-sided depreciation of the yen is undesirable and negative for Japan’s economy. The rapid moves raise uncertainties by, for instance, making it hard for companies to make business plans, Ueda said in response to questions in parliament. He said the BoJ is closely monitoring the recent weak yen and a policy response might be needed if foreign exchange rates affect the inflation trend.
    • CHINA - China’s efforts to revive homebuyer demand gathered steam on Thursday when two major cities scrapped all their remaining curbs on residential property purchases, a move that more local governments are expected to follow. Developer stocks surged after Hangzhou, the capital of eastern Zhejiang province, said it will remove eight-year-old restrictions on residential property purchases and no longer review the qualifications of homebuyers. Xi’an, the capital of Shaanxi province, announced similar steps hours later.
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