BRAZIL: BCB’s Picchetti Says Options Left Open For May Rate Decision
Apr-24 18:55
- Remarks from BCB director Picchetti continue to cross the major newswires. He has noted that although there is some deceleration in growth, he has some doubts about the reliability of the data to establish a real trend. He adds that agriculture stands out, with output there likely to be strong in H1. Overall, none of the activity data present a clear trend to him to base decisions.
- On inflation, Picchetti says that services inflation has been a major concern and inflation expectations has de-anchored further. Meanwhile, expectations for the fiscal deficit have deteriorated very much in his view. However, he adds that there is no fiscal dominance in Brazil.
- Overall, he says that the central has left options open for the May rate decision, after front-loading its forward guidance in December. He adds that there isn’t a clear picture for future decisions yet.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US STOCKS: Late Equities Roundup: Narrow Ranges, Media & Discretionary Leading
Mar-25 18:53
- Stocks continue to hold narrow ranges late Tuesday, trading near steady (SPX Eminis) to mildly mixed, the tech-heavy Nasdaq mildly higher. Currently, the DJIA trades down 92.54 points (-0.22%) at 42491.35, S&P E-Minis down 3 points (-0.05%) at 5812.5, Nasdaq up 27.8 points (0.2%) at 18216.44.
- Communication Services and Consumer Discretionary sectors outperformed in late trade, interactive media and entertainment names supporting the former with Netflix +2.21%, Fox Corp +1.87%, Take-Two Interactive Software +1.65% and Interpublic Group +1.45%
- Consumer Discretionary sector buoyed by Wynn Resorts +2.25%, Garmin +1.58%, General Motors +1.48% and Ulta Beauty +1.33%.
- On the flipside, Utilities and Health Care sectors underperformed in the second half, Vistra Corp -2.81%, Eversource Energy -2.68%, FirstEnergy -2.64%, Edison International and Dominion Energy both -2.34%.
- Meanwhile, pharmaceuticals weighed on the Health Care sector: Merck & Co -5.43%, AbbVie -3.86%, Regeneron Pharmaceuticals -3.36% and Amgen -3.11%.
GBPUSD TECHS: Monitoring Support At The 20-Day EMA
Mar-25 18:30
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High MAr 20 and the bull trigger
- PRICE: 1.2954 @ 16:15 GMT Mar 25
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2861 20-day EMA
- SUP 3: 1.2722 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2861, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.
PIPELINE: Late Corporate Bond Update
Mar-25 18:26
$15.25B to price Tuesday:
- Date $MM Issuer (Priced *, Launch #)
- 03/25 $4.4B #Bausch Health 7NC3 10%
- 03/25 $3B *MTR $500M 5Y +40, $1B 10Y +58. $1.5B 30Y +70
- 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
- 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
- 03/25 $1.25B #NWB 3Y SOFR+36
- 03/25 $1.25B #NDB 3Y SOFR +65
- 03/25 $1B *MuniFin WNG 5Y SOFR+46
- 03/25 $1B *JFM 5Y SOFR+64
- 03/25 $1B #IDB 5Y SOFR+49
- 03/25 $500M #AerCap WNG +30NC5 6.5%
- Expected Wednesday:
- 03/26 $Benchmark Kingdom of Belgium 10Y SOFR+67a
