Japan Machinery Orders YoY

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US crude oil inventories dropped 2.4 by million barrels in the week ending August 15, 2025, reversing the 1.5 million-barrel rise recorded the previous week. The decline exceeded expectations, with analysts forecasting a smaller draw of 1.2 million barrels.

US Crude Oil Stocks Fall More Than Expected

The Ibovespa plunged 2.1% to close at 134,432 on Tuesday as a worsening Brazil-US impasse, triggered by a Supreme Court ruling on the application of foreign laws, raised country risk and fueled a sharp repricing of domestic interest rates. Investors saw the decision as narrowing the scope for negotiation over Washington’s tariffs and heightening the likelihood of retaliatory measures. Banks led the decline, with Banco do Brasil (-5.8%), Santander (-4.6%), Itaúsa (-5.0%), and Bradesco (-3.5%) tumbling as higher policy and funding costs increase provisioning needs, compress net interest margins over time, and deepen legal and correspondent-banking risks linked to sanctions.

Ibovespa Tumbles on Major Financials

The Central Bank of Uruguay reduced its policy rate by 25 bps to 8.75% in August 2025, maintaining a contractionary stance to support the ongoing convergence of inflation toward the 4.5% target. Inflation stood at 4.53% in July, sitting at the objective after four consecutive monthly declines, while core inflation eased from 5.7% to 5.5% though the non-tradable component moderated only slowly. The BCU’s projections show inflation remaining around 4.5% over the policy horizon. At the global level, risks to inflation from trade tensions persist, although prospects for international growth showed a slight improvement compared with the previous Copom. The Board emphasized the consolidation of inflation around the target and the decline in average expectations, and said it would continue its cycle of rate cuts toward neutrality if domestic conditions, inflation developments and expectations, particularly business expectations, continue to evolve as projected.

Uruguay Reduces Key Rate by 25bps to 8.75%

US stocks fell on Tuesday as losses in major technology names dragged the market lower, with the S&P 500 slipping 0.6% and the Nasdaq falling 1.5%, its lowest level in more than two weeks, on steep drops in chipmakers. The Dow Jones finished muted after briefly hitting a record high earlier in the day. Nvidia slid 3.5%, AMD tumbled 5.4%, and Broadcom fell 3.6%, while Palantir plunged 9.3%, making it the weakest performer in the S&P 500. On the upside, Home Depot gained 3.2% despite missing earnings expectations, supported by signs of firming demand in the housing sector. Intel surged 7% after SoftBank revealed a $2 billion investment in the company, fueling optimism about its turnaround. Investors now turn their focus to the Federal Reserve’s Jackson Hole symposium, where Chair Jerome Powell’s remarks on Friday could shed light on the September policy meeting and the potential for rate cuts.

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