Latin America
Brazil: We expect a slight decline in industrial output in August (data due to be released today, 8am EDT)
Mexico: Real GDP growth expectations worsened slightly and inflation projections improved in the latest central bank survey of private sector expectations
Peru: Yesterday, the government appointed three new members to the central bank board and affirmed the reappointment of Julio Velarde as the board’s president; we view the new appointments as market neutral
Europe, Middle East and Africa
Russia: September manufacturing PMI data point to continuing stagnation in industrial output; draft monetary policy guidelines published yesterday confirm the intention to finalize a transition to inflation targeting over the next three years
South Africa: The manufacturing PMI in September bounced back above 50
Turkey: The lira’s recent depreciation continued to take its toll on core inflation in September but this is unlikely to change the MPC’s dovish rhetoric, in our view; the run-rate of overall credit growth slowed almost to nil as of 23 September; if sustained, this raises the possibility of a cut in the reserve requirement ratios at the MPC’s next meeting on 20 October
Non-Japan Asia
China: September non-manufacturing PMI was up 0.3pp to 55.8 after our seasonal adjustment
Korea: Headline inflation moderated to 4.3% yoy in September, weakened by the fall in food inflation
Thailand: Thailand’s September inflation: Softer headline, but stronger core
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Credit Suisse
FIXED INCOME RESEARCH & ANALYTICS