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Summary – May 21

LATAM
  • Colombia March trade data are published on Tuesday, followed by April trade figures from Argentina. The latest Banamex survey of economists will also be published, while Brazil tax collections data for April will cross. In the US, the Philly Fed non-manufacturing index for May will be released, while appearances from the Fed's Barkin, Waller, Williams, Bostic and Barr are due.
  • Global News:
    • JAPAN (MNI) – Bank of Japan board members are closely watching how the market reacts to lower Japanese government bond buying directed by the operations department to determine the future pace and scale of further board-driven reductions, MNI understands.
    • CHINA – China needs to shift macroeconomic policy priority to boosting consumer demand from increasing credit supply as households’ fixed deposits pile up, according to a front-page report in PBOC-backed newspaper Financial News Tuesday.
    • ISRAEL – Washington Post analyst David Ignatius reports that Israel has decided to shelve plans for a major offensive in the Gaza Strip’s southern city of Rafah, and will act in a more limited manner, after discussions with the US on the matter.
    • RUSSIA – In an about face, German officials are ready to support a US plan to leverage the future revenue generated from frozen Russian assets — mostly stranded in Europe — to back $50 billion in aid to Ukraine, according to people familiar with the discussions.

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