RUSSIA: JP Morgan More Dovish Than CBR Communications
Sep-15 15:26
- JP Morgan say they remain slightly more dovish vs. CBR communications, as they don’t think the inflation process was contaminated much by FX passthrough or higher inflation expectations and see more space for easing later in 2024.
- They see the key rate at 9% by end-2024 (Prior: 8%), averaging at around 11% next year compared to updated CBR forecasts which implies that in the base case the policy rate will average at around 12% in 2024.
- They say that with monetary policy tighter than expected, risks to their 2024 growth forecast of 1.5% appear skewed to the downside.
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US-CHINA: US Commends WTO Panel Report In Metals Tariffs Dispute
Aug-16 15:16
The office of the United States Trade Representative has issued a statement commending a World Trade Organization (WTO) panel report released today supporting the United States in a metal tariffs dispute with China.
- USTR: "The United States is pleased with the World Trade Organization (WTO) panel report released today, recognizing that the U.S. Section 232 actions on steel and aluminum are security measures, and that the People’s Republic of China (China) illegally retaliated with sham “safeguard” tariffs."
- USTR: "The United States condemns China’s refusal to correct its severe and persistent non-market excess capacity for steel and aluminum that is at the heart of a global crisis that led to the U.S. Section 232 national security actions."
- WTO: "The Panel rejects China's request to find that the United States' panel request does not comply with the requirements of Article 6.2 of the DSU."
- WTO: "China's additional duties measure is inconsistent with Article II:1(b) of the GATT 1994 because it results in the imposition of ordinary customs duties on 123 tariff lines in excess of the bound rates set forth in China's Schedule."
- Reuters reports that China's Commerce Ministry has, "noticed WTO panel findings, is studying the panel report."
US TSYS: US TSY 17W AUCTION: NON-COMP BIDS $842 MLN FROM $50.000 BLN TOTAL
Aug-16 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $842 MLN FROM $50.000 BLN TOTAL
BELGIUM AUCTION PREVIEW: On offer next week
Aug-16 15:02
The Belgian Debt Agency has announced that is will look to sell the following OLOs next Monday:
- The 7-year 0.10% Jun-30 OLO (ISIN: BE0000349580)
- The on-the-run 10-year 3.00% Jun-33 OLO (ISIN: BE0000357666)
