ARGENTINA: Congress Commission To Discuss IMF Decree Today
Mar-13 13:40
- A bicameral commission in Congress will meet from 1600GMT(1200ET) today to discuss President Milei’s executive decree seeking to approve a new agreement with the IMF. The decree requires approval from just one of the legislative chambers to move forward. Economy Minister Caputo recently said that an agreement with the IMF had already been reached on a loan amount and programme details, but that this still had to be approved by the IMF executive board. He said that a programme would be finalised by the end of April.
- Meanwhile, the government has set changes to the 2025 budget, including a new regime for the payment of electricity distributors debt and new financing mechanisms for the provinces. Despite ongoing protests against pension cutbacks, which escalated this week, the government has reiterated its commitment to austerity. It has also announced a $190mn fund to help repair damages from recent floods in the city of Bahia Blanca.
- In other news, late rains have failed to revive the corn and soy crops, according to the Rosario Board of Trade. Harvest projections have been reduced further, with soybean output expected to reach 46.5mn metric tons, 1mn less than predicted last month, while corn output is seen at 44.5mn tons, 1.5mn less than previously expected.
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GILTS: Longs Reset In Futures On Monday
Feb-11 13:32
OI data points to ~4K fresh net longs being added in gilt futures on Monday.
- The previous two sessions had seen a cumulative ~18K of net long cover, which followed a period of net long setting seen across late January and early February.
MNI: CANADIAN DEC BUILDING PERMITS +11.0% MOM
Feb-11 13:30
- MNI: CANADIAN DEC BUILDING PERMITS +11.0% MOM
- CANADA RESIDENTIAL BUILDING PERMITS +21.2%; NON-RESIDENTIAL -5.9%
EQUITIES: Fresh record highs for European Indices
Feb-11 13:28
- A fresh record high in Cash SX5E, seems to be helping the futures (VGH5) through the overnight high, and a new record high here too.
- VGH5 is breaking the MNI Tech projection that was at 5381.13, and most Investors will now be watching for any potential test towards the Psychological 5400.00.
- Stoxx600 is now also edging to a new record, with a 546.68 high.
