PERU: President Jeri Appoints New Cabinet Ahead of Protests, Econ. Activity Due
- After the previous cabinet resigned recently following the impeachment of former President Boluarte, new President Jeri has named Ernesto Alvarez, a former head of the constitutional court, as his Prime Minister. Jeri also appointed Denisse Miralles as Finance Minister, who had previously served as vice minister earlier this year, under former Ministry of Finance chief Jose Salardi.
- The appointments come ahead of anti-government protests that are expected today, due to anger over Jeri’s connections to congress (where he was previously the leader), and his involvement in legislation which is perceived to have weakened the fight against crime. To recall, former President Boluarte was removed last week following her failure to rein in soaring crime levels. Speaking last night, Jeri said that the country needs stability and calm.
- Datawise, August economic activity and September unemployment figures are due at 1600BST(1100ET), with analysts expecting GDP growth to edge down to 3.1% y/y, keeping it around its potential rate.
- Aug. Economic Activity YoY, est. 3.1%, prior 3.4%
- Sept. Lima Unemployment Rate, est. 6.1%, prior 6.0%
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EGBS: Early Futures Strength Pared As US Session Gets Underway
NY desks have been happy to fade a portion of this morning’s core EGB strength, with Bund futures now +13 ticks at 128.69, off earlier highs of 128.81.
- Market moving headline flow has been fairly limited, with participants looking forward to this week’s heavy central bank calendar.
- German yields are 1-2bps lower, with the belly still outperforming. 10-year yields hover around the 2.70% handle, still within this summer’s 2.60-2.80% range.
- 10-year EGB spreads to Bunds now comfortably tighter on the session as European equity futures extend to fresh session highs. SPGBs and BTPs lead, the former support by S&P’s ratings upgrade after hours on Friday.
- The OAT/Bund spread is now 0.5bps tighter on the session at 78.5bps, looking through Fitch’s expected rating downgrade to A+ on Friday.
SPAIN AUCTION RESULTS: On offer Thursday
Spain will look to sell a combined E5-6bln of the following Bono/Oblis at its auction on Thursday (Sep 18)
- the 2.40% May-28 Bono (ISIN: ES0000012O59)
- the 3.20% Oct-35 Obli (ISIN: ES0000012P33)
- the 4.00% Oct-54 Obli (ISIN: ES0000012M93)
COMPANY NEWS: Donald J. Trump via Truth Social On Quarterly Reporting
@realDonaldTrump
Subject to SEC Approval, Companies and Corporations should no longer be forced to “Report” on a quarterly basis (Quarterly Reporting!), but rather to Report on a “Six (6) Month Basis.” This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, “China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!"
