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Summary – May 16

LATAM
  • On Thursday, BanRep will publish its latest economists survey, while Mexico same-store sales for April will cross. In Brazil, FGV IGP-10 inflation data for May will be released. In the US, focus turns to the weekly jobless claims release, at which markets expect initial claims at +220k, a modest dip from +231k from the prior week. Fedspeak picks up across US hours, with appearances scheduled from the Fed’s Barr, Barkin, Harker, Mester and Bostic.
  • Global News:
    • RUSSIA / CHINA (MNI) – In a high-profile two-day visit to China, Putin has claimed that the 'no-limits partnership' between the two countries is a stabilising factor in the world. “Our cooperation in world affairs today is one of the main stabilising factors in the international arena...Together, we uphold the principles of justice and a democratic world order that reflects multipolar realities and is based on international law”, Putin said.
    • CHINA (MNI) – The PBoC should increase its purchase of treasury bonds to support an expansionary fiscal stance, as the country struggles with insufficient demand which makes monetary easing measures grow less effective, a former PBOC advisor told MNI in an interview. “Chinese-style quantitative easing” – large-scale Chinese government-bond issuance coordinated with PBoC secondary market bond trading – will help stimulate infrastructure investment, said Yu Yongding, former member of the PBOC’s monetary policy committee.
    • US – The Biden administration is initiating a suite of policies that it says will help foster a deeper domestic supply chain for solar panels, following pleas from US manufacturers confronting a surge of tariff-free imports. The measures, announced on Thursday, include expanded tariffs, tax policy guidance that could heighten demand for some US-made solar equipment and promises of heightened vigilance for signs of unfair trade.
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