Syz the moment

Following the surprising rate cut by 100bps from Chile's Central Bank earlier this week, Banco Central do Brasil (BCB) has also made an unexpected move by announcing a rate cut of 50bps, surpassing market expectations of 25bps. The BCB President, Roberto Campos Neto, reduced the Selic to 13.25% yesterday, with a split decision among board members, four of whom voted for a smaller quarter-point cut. In a related statement, policymakers emphasized the improved consumer price outlook and the decline in longer-term inflation expectations. With Brazil's recent rating upgrade and positive progress in inflation, the country appears well-positioned to continue its path of prudent monetary policy decisions. Could we expect similar rate cuts from Peru and Mexico in the region? In any case, just as at the beginning of the tightening cycle, Latin American central banks are once again ahead of their developed counterparts. Source : Bloomberg.  

Source: Conqueror Mindset

The updated Fed's July senior loan officer survey reveals a notable trend—there's an even higher net share of banks tightening lending standards for C&I compared to the prior survey in April. Historically, this has had implications for US high yield credit spreads. But is this time different? Source : Bloomberg

Treasuries fell across the curve, pushing the 10-year yield to the highest level since November as traders digest an uptick in US government issuance, a sovereign credit downgrade and a stronger-than-expected private job report.
Source: Bloomberg

Salesforce (CRM US) is retesting recent breakout level and now major support level 222. Keep an eye on this level. Source Bloomberg.

1) Nigeria $NGE: +48.3% 2) Greece: $GREK: +47.5% 3) Argentina $ARGT: +38.7% Source: Charlie Bilello

Source: Compounding Quality

Source: Bloomberg, www.zerohedge.com