04 August 2010

Business Cycle Team update (English)

Brazil’s industrial production and Selic rate
The lower than expected level of industrial production in June (released on Tuesday) makes Credit Suisse reinforce its expectation that Brazil’s monetary policy rate will not be raised again in September.
(Credit Suisse)

U.S. non-manufacturing PMI
The Institute of Supply Management’s non-manufacturing PMI rose to 54.3 from 53.8 in June. It had been expected to fall.

European PMIs
July’s final services and composite PMIs were published today. Although the Euro Area, Germany and France indices all improved compared to June, they were all below the flash estimates published July 22. The services PMIs fell in Spain and Italy. Italy’s services PMI, at 49.6, is the only index below the neutral level of 50.
(Markit Economics)

Patrick Signoret and Mariana Bulos

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