PERU: ProInversion to Have PetroPeru Plan Ready in 60 Days
Jan-02 18:06
- "*PERU'S PROINVERSION TO HAVE PETROPERU PLAN READY IN 60 DAYS" (BBG)
- Earlier in the session, the Ministry of Energy and Mines citing Minister Luis Bravo sent a post via x.com (translated) commenting on the plan:
- In an interview with RadioNacionalFM, he pointed out that the government seeks to save the company for all Peruvians and ensure it recovers its position in the hydrocarbons market, and that in recent years it has been harmed by bad officials who, in due time, will have to answer for that.
- He indicated that an organizational restructuring of Petroperú is necessary to gain efficiency in the managerial management of the company's various components, which will lead to putting an end to privileges granted despite the company going through a difficult economic situation.
- "Petroperú was less than one point away from insolvency, therefore, there is no other way to guarantee Peru's energy security than this urgency decree, which will contribute to saving the company. This is a serious and technical job so that the company can once again be the pride of all Peruvians," he emphasized.
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US DATA: Industrial Production Maintained At Best Steady Growth In September
Dec-03 18:03
Industrial production was broadly as expected in the shutdown-delayed September report, continuing to hold at three-year highs for the Y/Y even if that’s only 1.6%. Core durable goods orders data have recently been more upbeat but ISM Manufacturing Chair Spence offers a more pessimistic take.
- Industrial production was as expected in September as it increased 0.10% M/M after a weaker than first thought -0.26% M/M in August but equally a stronger than previously thought 0.16% in July.
- Utilities production adds volatility here, as is quite typical, rising 1.1% M/M after -3.0% M/M.
- Instead, manufacturing production continued a recent moderation trend, now registering -0.04% M/M in September after three steadily slower increases through Jun-Aug including 0.08% in Aug.
- In trend terms, overall industrial production firmed to 1.6% Y/Y for a joint high since Sep 2022 (looking at the seasonally adjusted data), whilst recent momentum is softer at 1.1% annualized on a 3m/3m basis.
- Manufacturing production paints a similar picture, at 1.5% Y/Y (highest since Apr 2022) and 1.3% annualized.
- Last week’s delayed September for durable goods orders offered a more upbeat tone (7.6% 3m/3m annualized, 4.0% Y/Y in nominal terms) but ISM manufacturing chair Susan Spence offered a more cautious take in Monday’s exclusive with MNI: "There's nothing that we're reading or seeing in the news and what's going on with tariffs that give me any confidence that all of a sudden the customers are going to come start ordering from us”.
- Capacity utilization meanwhile held steady at 75.9% with the Bloomberg calendar not capturing previously large downward revisions from 77.4% in annual revisions. Whilst off lows of 75.2% in late 2024, it still holds a sizeable trend easing in recent years and has stabilized before pre-pandemic rates.
EURUSD TECHS: Clears Key Short-Term Resistance
Dec-03 18:00
- RES 4: 1.1779 High Oct 1
- RES 3: 1.1747 50.0% retracement of the Sep 17 - Nov 5 bear leg
- RES 2: 1.1728 High Oct 17
- RES 1: 1.1694 50.0% retracement of the Sep 17 - Nov 5 bear leg
- PRICE: 1.1663 @ 16:33 GMT Dec 3
- SUP 1: 1.1584 20-day EMA
- SUP 2: 1.1547 Low Nov 26
- SUP 3: 1.1491/1469 Low Nov 21
- SUP 4: 1.1469 Low Nov 5 and the bear trigger
EURUSD is trading higher and this has resulted in a breach of key short-term resistance at 1.1656, the Nov 13 high and a bull trigger. Clearance of this level highlights a potential reversal and opens 1.1694 next, a Fibonacci retracement. Clearance of this retracement point would strengthen the developing bull theme. Initial support to watch is 1.1584, the 20-day EMA. A break would be bearish.
LOOK AHEAD: UPDATE: Thursday Data Calendar Adds Revelio & Regional Fed Data
Dec-03 17:42
- US Data/Speaker Calendar (prior, estimate). All times ET
- 12/04 0730 Challenger Job Cuts YoY (175.3%, --)
- 12/04 0830 Initial Jobless Claims (216k, 220k); Continuing Claims (1.960M, 1.963M)
- 12/04 0830 Revelio Labor Statistics
- 12/04 0830 Chicago Fed Labor indicators
- 12/04 1130 Dallas Fed Weekly Economic Index
- 12/04 1130 US Tsy $90B 4W, $80B 8W bill auctions
- 12/04 1230 Fed VC Bowman on bank supervision (text, moderated Q&A)
- Source: Bloomberg Finance L.P. / MNI
