ニュージーランドGDP成長率前期比

ニュージーランドGDP成長率前年比

日本機械受注前月比

日本機械受注額前年比

The Brazilian real traded around 5.3 per US dollar in September, highest level since June 2024, as investors reacted to the latest US Federal Reserve and Brazilian Central Bank decisions. The Federal Reserve cut interest rates by 25 basis points, with Chair Powell describing the move as a “risk management” adjustment rather than the start of a new easing cycle, noting that risks of higher and more persistent inflation have eased since April. Only newly appointed Fed Governor Stephen Miran voted for a larger 50 basis point cut, resulting in fewer dissents than markets had expected. Domestically, the Central Bank of Brazil maintained the Selic rate at 15%, signaling a continued hawkish stance to control inflation. Recent data show moderation in economic growth while inflation remains contained, allowing the central bank to sustain a tight policy.

Brazilian Real Hover at Mid-2024 After Copom

Brazil’s central bank opted to maintain its benchmark interest rate at 15% in September, citing the need to keep inflation on a path toward the target amid persistent uncertainty. External factors, including U.S. economic conditions and global financial volatility, continue to influence emerging markets, while domestically, growth is moderating but the labor market remains strong and inflation stays above target. Inflation expectations for 2025 and 2026 remain elevated at 4.8% and 4.3%, with Copom projecting 3.4% for early 2027. The central bank highlighted upside risks such as resilient services inflation and a weaker exchange rate, alongside downside risks like a sharper domestic slowdown or falling commodity prices. Copom emphasized that future policy adjustments may be necessary to maintain price stability. The decision reflects a cautious approach, balancing the need for inflation control with support for economic activity.

Brazil Keeps Interest Rate at 15%

Argentina’s economy grew by 6.3% year-on-year in the June quarter of 2025, falling short of expectations of a 6.5% expansion and accelerating from a 5.8% increase in the previous quarter. This marks the fastest rate of expansion since Q2 2022, driven by accelerated expansion in the agriculture sector (4.8% vs. 3.7% in Q1) as the effects of a historic drought that severely impacted grain production began to subside. Manufacturing production (6.9% vs. 0.7%), wholesale and retail trade (10.3% vs. 2.5%), transportation and communications (1.4% vs. 2%), and financial intermediation (26.7% vs. 8.4%) also posted gains. However, declines were recorded in utilities (-1.1% vs. -1%). On a quarterly basis, Argentina's GDP fell by 0.1%, following a 1.1% expansion in the previous period.

Argentina GDP Growth Misses Expectations in Q2

The S&P/TSX Composite edged marginally higher to close at 29,322 level on Wednesday as investors absorbed the widely expected 25 basis point cuts by both the Bank of Canada and the US Federal Reserve and weighed each bank's forward guidance. Domestically, fresh data pointing to a weakening labour market and slowing growth reinforced expectations of further easing and prompted markets to price a clearer path to lower rates. Meanwhile, the US Fed cut by 25 bps and its projections flagged two additional cuts this year, but stronger forecasts for real growth, a lower unemployment path and upward revisions to core inflation tempered bets on a steeper easing cycle. Sector moves were mixed with miners and banks leading gains, Barrick Mining up about 2.3% and TD Bank adding roughly 0.8%, while Constellation Software fell 1.7% and Canadian Pacific and Canadian National lost 0.9% each.

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