Morning View

21/06/2024
21/06/2024

The Dow Jones is up +0.8% while the Nasdaq is down -0.8% at the end of yesterday's trading session.

International

The main US stock market indexes presented mixed performances yesterday. On the one hand, the Nasdaq and the S&P 500 presented adjustments of -0.8% and -0.2%, respectively, while the Dow Jones rose +0.8%. On the other hand, the European stock market rose +1.3% at the close of trading yesterday. Then, 1-year and 3-year Treasury bond yields stood at 5.1% and 4.5%, while the 10-year bond yield closed at 4.3%. 

Yesterday, in the United States, unemployment benefits renewal data was released, which registered 1,828 thousand and came in below market expectations (1,810 thousand). In addition, new jobless claims registered 238 thousand when 235 thousand were expected. On the other hand, in the Eurozone, the Consumer Confidence Index for June was released and came in at -14.0 points, in line with previous estimates.

Among the most important news, today we will know the PMI (Purchasing Managers' Index) for Manufacturing and Services in both the United States and the Eurozone. In addition, the Federal Reserve will publish its Monetary Policy Report.

 

Latam

Latin American stock markets maintained a day of mixed performances.

At the close of trading yesterday, Latin American stock markets maintained mixed performances. On the one hand, Peru and Brazil rose +0.5% and +0.2%, while Mexico was flat at the close of the day. On the other hand, Colombia contracted -0.3%. Finally, it is worth mentioning that the Argentinean and Chilean stock exchanges remained closed due to national holidays.


Yesterday, Mexico released its April Retail Sales, which registered +0.5% monthly and +3.2% annually. Both data were above analysts' expectations (-0.3% and +1.5%, respectively). Then, in Colombia, the Trade Balance for April was published, which presented a deficit of -USD 1.123 billion and was below estimates of -USD 0.651 billion. 


Among the outstanding news, the Economic Activity Index will be published today in Mexico and the market expects -0.3% monthly and +3.8% annually. 

20/06/2024
20/06/2024

In the run-up to the Bank of England's monetary policy meeting, May inflation slowed down again.

International

In the United Kingdom, inflation continued to decelerate in May, posting +0.3% monthly and +2% y-o-y; while the measure that excludes food and fuels advanced +0.3% versus April and +1.9% y-o-y. It is worth noting that today, the Central Bank of England will hold its monetary policy meeting, and the analysts' consensus expectation is that the reference rate will remain unchanged at the current 5.25%.


The main US stock indexes did not trade as a result of the holiday. It should be recalled that during the year they accumulated gains of +19% in the case of the Nasdaq, +15% in the case of the S&P 500 and +3% in the case of the Dow Jones. On the other hand, the EuroStoxx 50 fell -0.6% and the German Dax -0.4%, while the UK index registered a +0.2% rise.


Meanwhile, U.S. Treasury bond yields also remained unchanged due to the fact that the market did not trade yesterday. Therefore, the yield of the 1-year bond is at 5.09%, the 3-year at 4.44% and the 10-year at 4.22%. 


In the commodities market, prices were mixed at the end of yesterday's trading session. On the energy side, Brent crude oil fell -0.3% and WTI fell -0.1% to USD 85.1 and USD 81.5 per barrel, respectively. Meanwhile, gold fell -0.1% to USD 2,328 per ounce, although it is up +12.8% for the year.

 

Latam

The Central Bank of Chile cut the annual interest rate to 5.75%, in line with analysts' expectations.

The Central Bank of Chile reduced the monetary policy interest rate from 6.0% to 5.75% in June, as expected by the analysts' consensus and being the fourth decrease in the year. The Monetary Policy Report (IPoM) projects that inflation will close 2024 at +4.2% (versus +3.8% projected in March), in 2025 at +3.6% (versus +3.0%) and that its convergence to the +3.0% target would be postponed to 2026. The authorities stated that, if the central projections in the IPoM are maintained, the monetary policy rate would have already accumulated during the first half of the year the bulk of the cuts expected for this year. 


The stock indexes of the main Latin American countries showed mixed results at the end of the day. On the one hand, the Brazilian and Chilean markets traded with increases of +0.6% and +0.4%, respectively. On the other hand, there were negative variations in the Colombian and Peruvian indices of -0.6% and -0.2% in each case.


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