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Summary – May 13

LATAM
BulletEM BulletEmerging Market NewsHomepageBank of Japan (BOJ) Market News
  • The BCB will publish its weekly Focus survey on Monday, while Mexico same-store sales data for April will cross. In the US, the data calendar is light, with no tier 1 releases on the docket. Attention this week will be on Wednesday’s US CPI release, at which markets expect inflation to slow to 3.4% y/y, from 3.5%. This leaves the focus today on the Fed's Mester and Jefferson who appear at a Cleveland Fed event to discuss central bank communications strategy.
  • Global News:
    • RUSSIA (MNI) – The replacement of Defence Minister Sergei Shoigu after 12 years in the position comes as the biggest shakeup of Russia's military establishment during the course of the entire war in Ukraine. Shoigu, a civil engineer by training, has been replaced by another non-military man in the form of economist and former Deputy PM Andrei Belousov. Shoigu will move to become secretary of the National Security Council, where he replaces Nikolai Patrushev.
    • JAPAN – Prime Minister Fumio Kishida said he’s carefully monitoring the recent depreciation of the yen, and emphasised the government and the BoJ will continue to work together closely, NHK reported Friday. The government will work to boost wages and ensure rising costs are reflected in prices, Kishida said at an economic panel meeting on Friday, the NHK said.
    • JAPAN (MNI) – The BoJ on Monday revealed it had lowered the scale of Japanese government bond buying with a remaining life of five to 10 years to JPY425 billion from April 24's similar JPY475 billion operation. The 10-year JGB yield rose to 0.935% for the highest level since November 2023 as the reduction increased speculation over a further JGB buying cut.
    • CHINA (MNI) – China’s Ministry of Finance published its 2024 schedule for issuing general treasury and ultra-long-term special treasury bonds on Monday. The notice revealed ultra-long-term special treasury bonds, which will support government investment over the next few years, would print with maturities of 20, 30 and 50 years. The ministry will start issuance of the 30-year bonds on May 17, 20-year on May 24, and the 50-year on June 14.
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  • The BCB will publish its weekly Focus survey on Monday, while Mexico same-store sales data for April will cross. In the US, the data calendar is light, with no tier 1 releases on the docket. Attention this week will be on Wednesday’s US CPI release, at which markets expect inflation to slow to 3.4% y/y, from 3.5%. This leaves the focus today on the Fed's Mester and Jefferson who appear at a Cleveland Fed event to discuss central bank communications strategy.
  • Global News:
    • RUSSIA (MNI) – The replacement of Defence Minister Sergei Shoigu after 12 years in the position comes as the biggest shakeup of Russia's military establishment during the course of the entire war in Ukraine. Shoigu, a civil engineer by training, has been replaced by another non-military man in the form of economist and former Deputy PM Andrei Belousov. Shoigu will move to become secretary of the National Security Council, where he replaces Nikolai Patrushev.
    • JAPAN – Prime Minister Fumio Kishida said he’s carefully monitoring the recent depreciation of the yen, and emphasised the government and the BoJ will continue to work together closely, NHK reported Friday. The government will work to boost wages and ensure rising costs are reflected in prices, Kishida said at an economic panel meeting on Friday, the NHK said.
    • JAPAN (MNI) – The BoJ on Monday revealed it had lowered the scale of Japanese government bond buying with a remaining life of five to 10 years to JPY425 billion from April 24's similar JPY475 billion operation. The 10-year JGB yield rose to 0.935% for the highest level since November 2023 as the reduction increased speculation over a further JGB buying cut.
    • CHINA (MNI) – China’s Ministry of Finance published its 2024 schedule for issuing general treasury and ultra-long-term special treasury bonds on Monday. The notice revealed ultra-long-term special treasury bonds, which will support government investment over the next few years, would print with maturities of 20, 30 and 50 years. The ministry will start issuance of the 30-year bonds on May 17, 20-year on May 24, and the 50-year on June 14.