EM LATAM CREDIT: Argentina Plans to Announce Incentives to Encourage Dollar Use
May-21 15:15
"*ARGENTINA LIKELY TO ANNOUNCE DOLLAR USE POLICY TOMORROW: ADORNI" - BBG
Government has been waiting till after the City of Buenos Aires elections to announce new policies that will encourage use of USD in the economy as there is reportedly a huge stockpile of USD savings held by people outside the local banking system.
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FED: US TSY 13W AUCTION: NON-COMP BIDS $2.279 BLN FROM $76.000 BLN TOTAL
Apr-21 15:15
- US TSY 13W AUCTION: NON-COMP BIDS $2.279 BLN FROM $76.000 BLN TOTAL
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.461 BLN FROM $68.000 BLN TOTAL
Apr-21 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $1.461 BLN FROM $68.000 BLN TOTAL
US DATA: Weak LEI Reflects Of Weaker Manufacturing, Tighter Financial Conditions
Apr-21 14:28
March's Conference Board leading economic index (LEI) was softer than expected at -0.7% M/M (-0.5% survey, -0.2% prior which is an upward revision from -0.3%). The coincident index rose 0.1% (0.3% prior), with the lagging index -0.1% (+0.3% prior).
- This was the weakest monthly change in the LEI since October 2023, in keeping with other indicators that appear to have been negatively impact by tariff uncertainty.
- The Conference Board release notes "the data does not suggest that a recession has begun or is about to start", though the LEI hasn't been a particularly reliable indicator of recession in this cycle, having printed in negative territory for a few years now. On a 6-month basis, the index is actually trending up from the early 2023 lows, but this doesn't offer much confidence in the outlook in and of itself.
- MNI interprets the LEI more as a manufacturing cycle indicator: it is very heavily weighted toward cyclicality in manufacturing: avg weekly manufacturing hours (25%) and ISM New Orders (17%) are combined over 40% of the index, when added to core capital goods orders (5%) and manufacturers' new orders (consumer goods and materials, 8%).
- That being said, the biggest contributor to March's LEI drop was financial conditions (equity prices, leading credit index, spreads) for the weakest such conditions since October 2023. The accompanying chart shows MNI's grouping of contributing sectors to the LEI.
