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Violent Incidents In Ecuador, Brazil/Argentina CPI Releases On Thursday

LATAM
  • A relatively quiet data docket on Wednesday as markets will react to Colombian CPI data released overnight and look forward to Brazil & Argentina releases on Thursday, as well as the BCRP rate decision.
  • GLOBAL: Focus for the Wednesday session ahead in G10 turns to central bank speak, with a number of key appearances due Wednesday. BoE's Bailey is set to testify in front of the Treasury Select Committee, covering off the Financial Stability Report released in December of last year. ECB's Schnabel, de Cos and Fed's Williams are also due to be speaking.
  • ECUADOR: News in the region continues to be dominated by armed gang members breaking into a public television station in Ecuador during a live broadcast on Tuesday, threatening employees as the country reels from drug-related violence. Police eventually rescued the TV staff and arrested the 13 men who burst into TC's studio during a live broadcast with long-range guns, grenades and dynamites, according to witnesses in the coastal city of Guayaquil. In a revised decree on Tuesday, Noboa declared nearly two dozen gangs terrorist groups, including Los Choneros.
  • CHINA: Goldman Sachs Group Inc. is sticking to its bullish call on Chinese stocks, even after a prolonged rout that has wrong-footed many Wall Street banks as they try to gauge the timing of a recovery. Strategists including Kinger Lau estimate a 17% return for the MSCI China Index in 2024, based on their projections for 8%-10% growth in corporate earnings and effective government policy. The broker said it trimmed its index and earnings forecasts from its November projections given the still uncertain economic environment. (BBG)
  • IRON ORE: Iron ore dropped the most since October as flagging demand spurred more Chinese steel mills to suspend production and go into maintenance. The steelmaking staple has retreated around 7% in a five-day run of losses after hitting an 18-month high on Jan. 3. Mills have largely eschewed annual winter stockpiling, as China’s economic recovery remains sluggish and the property sector struggles to gain momentum.
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