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Summary – May 23

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  • In Mexico, the central bank will release the minutes to its May MPC meeting Thursday, following March economic activity, the latest bi-weekly CPI data and the final estimate of Q1 GDP growth. Elsewhere, BCCh is expected to cut its policy rate by 50bp to 6.0% this evening, while Peru will publish Q1 GDP data. In the G10, focus for the session ahead turns to the weekly jobless claims data and preliminary US PMI. Central bank speak is led by the ECB's Villeroy, while the Fed's Bostic makes an appearance, but is not expected to speak in depth on monetary policy.
  • Global News:
    • EU - European Central Bank Vice President Luis de Guindos said a quarter-point interest-rate cut next month looks reasonable, according to an interview with Oberösterreichische Nachrichten.
    • US - Nvidia forecast quarterly revenue above estimates on Wednesday and announced a stock split, lifting its shares to record-high territory and impressing investors who have tripled the chipmaker's market value in the past year on AI optimism.
    • CHINA / TAIWAN - A furious China launched "punishment" drills around Taiwan on Thursday in what it said was a response to "separatist acts", sending up heavily armed warplanes and staging mock attacks as state media denounced newly inaugurated President Lai Ching-te.
    • CHINA - China is urging the country’s top carmakers to source up to a quarter of their chips locally by 2025 as the world’s biggest automotive market looks to build a semiconductor supply chain amid escalating tensions with the US.
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  • In Mexico, the central bank will release the minutes to its May MPC meeting Thursday, following March economic activity, the latest bi-weekly CPI data and the final estimate of Q1 GDP growth. Elsewhere, BCCh is expected to cut its policy rate by 50bp to 6.0% this evening, while Peru will publish Q1 GDP data. In the G10, focus for the session ahead turns to the weekly jobless claims data and preliminary US PMI. Central bank speak is led by the ECB's Villeroy, while the Fed's Bostic makes an appearance, but is not expected to speak in depth on monetary policy.
  • Global News:
    • EU - European Central Bank Vice President Luis de Guindos said a quarter-point interest-rate cut next month looks reasonable, according to an interview with Oberösterreichische Nachrichten.
    • US - Nvidia forecast quarterly revenue above estimates on Wednesday and announced a stock split, lifting its shares to record-high territory and impressing investors who have tripled the chipmaker's market value in the past year on AI optimism.
    • CHINA / TAIWAN - A furious China launched "punishment" drills around Taiwan on Thursday in what it said was a response to "separatist acts", sending up heavily armed warplanes and staging mock attacks as state media denounced newly inaugurated President Lai Ching-te.
    • CHINA - China is urging the country’s top carmakers to source up to a quarter of their chips locally by 2025 as the world’s biggest automotive market looks to build a semiconductor supply chain amid escalating tensions with the US.