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Summary – May 22

LATAM
  • Argentina economic activity data for March are released on Wednesday, while Colombia retail and industrial confidence figures will also cross. In the US, the Fed minutes and existing home sales data take the focus. The moderation in inflation in April clearly came as a relief to several FOMC participants, most of whom saw the data as encouraging after a hot Q1 – but still needed more evidence before cutting rates. In the minutes, any discussion of the burden of proof for cuts will therefore be closely scrutinised.
  • Global News:
    • US (MNI) – It will take more time than previously believed for inflation to return to the Federal Reserve’s 2% target, Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester said Tuesday.
    • CHINA / EU (MNI) – Beijing wants dialogue with the EU to resolve trade issues over increased protectionism, Wang Wenbin, spokesperson for the Ministry of Foreign Affairs, told reporters. When asked for comment on the EU's possible move to formally impose tariffs on Chinese electric vehicles, Wang said protectionism would not solve the trading bloc's issues.
    • CHINA (MNI) – Several cities including Wuhan and Hefei have lowered housing mortgage rates to 3.25-3.45% for first-time buyers following the People’s Bank of China’s move to scrap the lower limit of the rates last week, China Securities Journal reported.
    • JAPAN – Japan needs to take action to make its economy more internationally competitive, Masato Kanda, the country's chief currency diplomat, told Nikkei, urging reform to tackle structural issues.
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