PERU: Concerns Mount Over Potential Changes to Mine Concession Framework
Oct-01 12:36
- Major mining operators in Peru are said to be growing concerned that Congress is considering changes to the concession framework in the country which would benefit smaller-scale informal miners. Bloomberg reports that the rise of illegal mining and ongoing production delays have prompted some lawmakers to consider allowing more short-term concessions to encourage smaller operators to start production more quickly. Large-scale miners are currently given decades to explore territory before starting production.
- The topic was said to be a focus of conversations at a recent mining conference and President Boluarte said her government had made proposals to Congress regarding changes to the concession framework. Congress is currently discussing bills that would encourage the formalisation of small-scale miners.
- Separately, the BCRP said yesterday that mortgage credit rose by 6.4% y/y in August, the fastest pace of growth since March 2023. The data follow robust private sector credit data, which showed a 4.5% y/y increase in total credit in August, a near three-year high. The data support BCRP Governor Velarde’s recent remarks that there was no need to be aggressive with rate cuts.
- Meanwhile, Reuters reported earlier that consumer prices rose by just 0.01% m/m in September. The monthly data suggest modest downside risks to Bloomberg consensus estimates for headline inflation to edge up to 1.40% y/y last month, from 1.11%. The annual CPI data are due for release around 1600BST(1100ET).
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BONDS: EUREX Roll Pace
Sep-01 12:31
EUREX ROLL Pace as off Friday:
- Buxl: 18%.
- Bund: 17%.
- Bobl: 24%.
- Schatz: 16%.
- BTP: 10% (below pace).
- BTS: 16%.
- OAT: 18%.
GLOBAL POLITICAL RISK: Week Ahead 1-7 September
Sep-01 12:20
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(MNI) London – All timings are subject to change.
Monday 1 September:
- European Union: European Commission President Ursula von der Leyen is set to hold talks with Romanian President Nicusor Dan and PM Ilie Bolojan following a visit to Lithuania for talks with President Gitanas Nauseda and a visit to the Belarusian border. The trip has garnered significant attention after the EU confirmed that von der Leyen’s plane had been subject to an interference attack, with GPS navigation services at a Bulgarian airport disabled as her plane was set to land on 30 August. Russia is suspected to have carried out the operation, but Kremlin spokesperson Dmitry Peskov denied this to the FT.
- United Kingdom: Parliament returns from its summer recess for a short session ahead of the party conference recess that starts on 16 September. Focus during this session remains on when Chancellor of the Exchequer Rachel Reeves announces a date for the budget, and speculation on what tax increases and/or spending cuts will be included.
EUROPEAN INFLATION: Irish Inflation Accelerates With Core Also Firmer
Sep-01 12:15
Irish HICP headline inflation rose by 0.2pp to 1.8% Y/Y in August, its highest rate since April. It came with monthly inflation of 0.3% M/M. HICP excluding energy and unprocessed food inflation (i.e. a proxy for core) also firmed two tenths to 1.9% Y/Y in August.
- Energy inflation of -0.1% Y/Y marked a slight increase from the -0.3% Y/Y in July. It came as energy prices fell -0.3% M/M, similar to expectations for August on a Eurozone-wide basis more broadly.
- Food meanwhile accelerated to a firm 5.0% Y/Y, up from 4.6% in July.
- "Transport costs have fallen by 0.5% in the month and decreased by 2.4% in the 12 months to August 2025", the statistics office adds.
