EMERGING MARKETS: USTR to Hold Public Hearing on Brazil
Sep-03 09:19
- Overnight it was announced that the Office of the United States Trade Representative will hold a public hearing on Sep 03. This is regarding the Section 301 investigation of Brazil's acts, policies, and practices related to digital trade and electronic payment services; unfair, preferential tariffs; anti-corruption enforcement; intellectual property protection; ethanol market access; and illegal deforestation. The hearing will start at 1000ET.
- The hearing is on the record, but no external cameras or video recording will be allowed in the hearing room. The hearing will not be livestreamed. A full transcript of the hearing will be posted on ustr.gov after the hearing.
- Separately late Tuesday, President Lula told reporters that US President Donald Trump has the right to impose tariffs, but there are rules for that, and that he was waiting for Trump’s willingness to negotiate.
- Lula also said he has no interest in fighting with the US, but that Brazil will use all legal mechanisms to appeal the tariffs.
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US OUTLOOK/OPINION: Analysts Less Convinced On Sept Cut Than Market [2/2]
Aug-04 09:17
Other Analyst Calls – Some Starting To Question More Hawkish Views
US OUTLOOK/OPINION: Analysts On Balance Less Convinced On Sept Cut [1/2]
Aug-04 09:17
- There has been a slight paring in expectations of cut at the next FOMC meeting on Sept 16-17 although there is still 21bp of easing priced vs 12bp before Friday's payrolls report.
- Analysts are less convinced at this stage, at least on balance. The five in the table below continue to expect a September cut (and we assume Goldman Sachs do as well but there wasn't reference in their data note) vs nine at least officially still looking for a later starting point for a resumption of cuts.
Analysts Calling For 25bp Cut In September – No View Changes But Standard Chartered Discuss 50bp
OIL: Lower, OPEC+ Production Questions Noted
Aug-04 09:06
Downside for crude this morning, with questions over the outlook for OPEC+ supply evident given the lack of firm guidance surrounding immediate future production plans after the latest output hike was ratified over the weekend (there is another round of production set to remain offline until late ’26).
- Both WTI and Brent are through Friday’s lows, with initial support located at the respective 50-day EMAs ($65.37 & $67.95).
- Our commodities team notes that excess supply fears have resurfaced but with focus also on the potential for Russian output disruption if restrictions are tightened (note Indian officials have shown little worry surrounding U.S. President Trump’s threats re: continued purchases of Russian oil).
- Background global growth worries and an uptick in the USD also apply weight this morning.
