Weekly Summary: Major Developments in the Economic and Financial Landscape
The dynamism of global finance and markets never slows. Below is an overview of the most important events:
- United States: In August, retail sales grew 0.1%, with online sales leading with 1.4%. The Fed made an aggressive move, cutting the interest rate by 50 basis points, bringing the target range to 4.75% – 5.0%.
- Europe: The Bank of England kept rates steady at 5%. In the UK, overall inflation stood at 2.2%, while inflation in the services sector reached 5.6%.
- Japan: Export growth slowed to 5.6%, driven by weaker shipments to the United States.
- Argentina: The economy contracted by 1.7% in Q2, marking the third consecutive quarterly decline, despite growth in the agricultural sector.
- Brazil: The Central Bank raised the Selic rate by 25 basis points to 10.75%, with further increases expected to curb inflation.
- Mexico: The IMEF downgraded its GDP growth forecast to 1.5% for 2024 and 1.3% for 2025.
Important Events in the Coming Weeks
- In the United States, several Fed members will deliver speeches from September 23 to 26.
- The latest revision of Q2 2024 GDP for the United States will be released on September 26.
Monitor