Economic Data

- (BR) Brazil July FGV Inflation IGP-DI: 1.5% v 1.5%e

- (CL) Chile Jun Economic Activity Index M/M: +0.4% v -0.2%e; Y/y: 6.2% v 5.2%e

- (BR) Brazil July Vehicle Production: 297.8K v 273.6K prior; Vehicle Sales: 364.2K v 353.2K prior; Vehicle Exports: 29.7K v 36.0K prior

- (MX) Mexico July Vehicle Production: K v 268.4K prior; Vehicle Domestic Sales: K v 78.5K prior; Vehicle Exports: K v 229.1K prior

- (EU) ECB completed €0.0M (Nil) vs. prior €0.0M (Nil) in weekly settlements in Govt Bond Purchases (SMP); To drain €211.5B in next 7-day Term Deposit Tender

- (UK) BOE bought £1.0B in 2015-2019 in reverse auction; bid-to-cover: x v 2.98x prior

- European equities extended their rally from Friday this morning as optimism about the ECB's new stance on bond buying continued. US equities advanced in the premarket and are hitting fresh three-month highs in a quiet session, with relatively low volumes. The S&P500 is within striking distance of 1400. Note that crudes has bumped higher after the open following some questionable, unconfirmed reports that Syrian President Assad had been killed. The EUR/USD was off its earlier lows and hovered just under the 1.24 level. Knight Capital has secured a $400M lifeline from a group of investors that will massively dilute existing holders. Shares of Best Buy surged nearly 17% on news that founder Schulze was offering to buy out the remaining shares he does not own for $24-26/shr.


Looking Ahead

- 11:00 (US) Fed to buy $4.50-5.50B in bonds

- 11:30 (US) Treasury to sell $32B in 3-Month and sell $28B in 6-Month Bills

- (AU) Australia Central Bank (RBA) Interest Rate Decision: Expected to leave the Cash Target rate unchanged at 3.50%