Claves del día

The U.S. unemployment rate remained at 3.6% in May.

Futures of the main U.S. equity indices traded lower this morning. Yesterday, the S&P 500 rose 1.8%, the Nasdaq 2.7% and the Dow Jones 1.3%. So far this year, they have accumulated declines of 12.4%, 21.3% and 8.5%, respectively. The yield on the 10-year US Treasury bond stood at 2.91%.

The U.S. unemployment rate stood at 3.6% in May, slightly above analysts' consensus of 3.5%. However, the creation of new jobs (non-farm payrolls) grew above expectations, reaching 390 thousand payrolls.

In the United States, new claims for unemployment benefits reached 200 thousand, about 10 thousand records lower than last week. Thus, they continued with the downward trend shown in recent weeks. 

In the Eurozone, the Markit composite PMI for May came in at 54.8 points, slightly below expectations and below April's reading. At the same time, April retail sales fell 1.3% m/m, while in annual terms they grew at a slower pace, rising 3.9%.

Brazil's industrial production rose 0.1% m/m and fell 0.5% y/y in April.

Brazil's Industrial Production Index (IPI) advanced by 0.1% monthly during April, in line with analysts' consensus estimates. However, it fell by 0.5% compared to the same period of 2021, a result that contrasted with the 0.8% year-on-year drop expected by the analysts' consensus.

In turn, the quotations of the main Latin American currencies traded lower yesterday afternoon. Thus, the Brazilian exchange rate fell by 0.4% to 4.8 reais per dollar and the Mexican exchange rate by 0.8%. Likewise, the exchange rate in Chile fell by 1.3%.

In Argentina, the International Monetary Fund (IMF) ratified that it will not accept modifications to the fiscal deficit, monetary emission and reserve level targets established in the Extended Facilities Agreement signed in March. Although the results for the first quarter are satisfactory, doubts are focused on the soundness of these numbers for the coming months, in view of the new revisions and disbursements of the multilateral organization.

On the other hand, Latin American stock markets traded mixed yesterday, with increases of 0.9% in Brazil's Bovespa index and 1% in Chile's IPSA. Meanwhile, Mexico's IPC closed lower with a 1% variation.