• Brazil's Treasury on Tuesday made its third foreign debt sale of the year, marking the first time since 2014 that Latin America's largest economy has conducted more than two external bond sales in a single year.
• The country launched a new 30-year note and reopened an existing five-year benchmark, the Treasury said in a statement, lauding the transaction as "successful" and a sign of investor confidence in its economic management.
• The operations were aimed at boosting liquidity in Brazil's dollar yield curve abroad, providing benchmarks for corporate issuers, and pre-financing upcoming foreign currency debt maturities.
• The new 30-year benchmark had a yield of 7.5%, but the Treasury said it would disclose only on Wednesday the amount raised. News service IFR reported that the transaction reached $1 billion. The reopening of the five-year sovereign bonds, meanwhile, totaled $750 million at a yield of 5.20%, the Treasury said.
• Brazil had already tapped global markets this year with a $2.5 billion sovereign bond sale in February and a $2.75 billion issue in June.

(Source: Reuters)

• Panama's President Jose Raul Mulino announced the start of a process to develop a new gas pipeline interoceanic energy corridor for the canal during an official visit to Japan, the Panama Canal said in a statement on Wednesday.
• The pipeline will be the first major project of this infrastructure platform, aimed at strengthening the country's competitiveness and addressing a strategic need in the global energy market, the statement added.
• The Panama Canal board has authorised the selection process, with prequalification of interested parties expected to begin this year and the final concessionaire would be chosen by the fourth quarter of 2026, the waterway's administration added.
• The project is part of the revenue diversification strategy for the Panama Canal, which seeks to expand service offerings, increase cargo capacity without additional water use, and aims to position Panama as a key global trade hub.

(Source: Reuters)

• Several Federal Reserve officials said labour market worries continue to animate their belief that rate cuts still lie ahead for the central bank. “I've been clear that I think we should be cutting at the next meeting,” Federal Reserve Governor Christopher Waller explained that “You want to get ahead of having the labour market go down because usually when the labour market turns bad, it turns bad fast," he said.
• Atlanta Fed President Raphael Bostic also reiterated his view that a rate cut is in the cards although he did not say how soon it might happen. He added, "While price stability remains the primary concern, the labour market is slowing enough that some easing in policy, probably on the order of 25 basis points, will be appropriate over the remainder of this year."
• Minneapolis Fed leader Neel Kashkari said with the neutral fed funds rate around 3%, “that suggests that interest rates have some room to come down gently over the next couple of years." The official also declined to say when he believes the Fed should cut rates, given the uncertainties created by trade policy.
• The Fed’s meeting later this month is viewed by investors as a lock for a quarter percentage point cut in what is now a 4.25% to 4.5% federal funds interest rate target range. The market’s confidence is rooted in comments made by Fed Chair Jerome Powell late last monthat the Kansas City Fed’s Jackson Hole, Wyoming research conference when he said, “with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
• In weighing a rate cut, Fed officials are trying to balance their legally mandated mission of keeping inflation low and the job market as strong as it can be without creating price pressures. At the same time, a wide range of data indicates the labour market is weakening, and that is driving some at the Fed to focus more on the jobs side of their mandate.
• The officials’ worry about the labour market was to some degree backed up by a government report released on Wednesday that showed moderate hiring and a declining number of job openings. The Job Openings and Labour Turnover Survey, or JOLTS report, showed openings dropped 176,000 to 7.181 million by the last day of July, a lower rate than economists had expected.

(Source: Reuters)

• A surge in new business helped Britain's services sector to grow by the most in more than a year last month as concerns about U.S. tariffs eased, but firms remained worried about the prospect of tax rises at home.
• The S&P Global Purchasing Managers' Index for Britain's services sector rose to 54.2 in August from 51.8 in July, reaching its highest level since April 2024. The figure was above a preliminary reading of 53.6 and comfortably exceeded the 50 mark, which divides growth from contraction.
• The composite PMI - which includes Monday's downwardly revised manufacturing PMI - rose to a 12-month high of 53.5 from 51.5 in July and an initial August reading of 53.0. The upbeat data is likely to relieve finance minister Rachel Reeves as she looks ahead to her autumn budget. Many businesses blame her decision to hike their social security contributions in last year's budget for weak demand and higher costs.
• Firms reported the biggest increase in costs in three months and continued to reduce staff numbers. Employment as measured by the PMI has fallen for 11 consecutive months - the longest continuous period since a run between 2008 and 2010 aside from the COVID-19 pandemic.
• Although Britain's economy grew faster than elsewhere in the G7 in the first half of this year, much of that reflected higher government spending and a temporary boost to exports as businesses sought to avoid some U.S. tariffs. The PMI's measure of new business in the services sector saw its biggest one-month gain since March 2021, reflecting stronger consumer demand and the first rise in exports since April.
• Expectations for future business volumes were also boosted by lower borrowing costs and reduced fears over U.S. tariffs. "However, many service providers still commented on elevated government policy uncertainty and worries about forthcoming tax-raising measures expected in the autumn Budget," Moore said.

(Source: Reuters)

• Japanese corporate spending on plant and equipment climbed 7.6% y/y in Q2 (Apr-Jun), but the outlook for business investment has clouded as manufacturers' profits slide on pain caused by U.S. tariffs.
• On one hand, the healthy rise in capital expenditure supports the case for the central bank to raise interest rates again later this year. The same finance ministry data also showed, however, that while overall, recurring profits increased 0.2%, they tumbled 11.5% for manufacturers, led by a 29.7% plunge for automakers.
• Economists noted that exporters have so far absorbed higher U.S. tariffs by cutting prices, but sustained margin pressure could weigh on future investment. Preliminary GDP data showed 1.0% annualised growth in Q2, but revised figures due Sept. 8 are now expected closer to 0.8% as capex estimates are adjusted lower.
• Risks loom in Q3, with July exports logging their steepest drop in four years and industrial production dragged by a 6.7% fall in auto output.
• A Japan- U.S. trade deal in July is expected to lower auto tariffs to 15% from 27.5%, though the timing remains uncertain pending U.S. presidential approval.

(Source: Reuters)

• Global stocks fell and long-dated bond yields in Europe hit multi-year highs on Tuesday as investors grew increasingly worried about the state of finance in countries around the world.
• U.S. indices closed lower, with the Dow Jones down 0.55%, S&P 500 off 0.7%, and Nasdaq falling 0.8%.
• Meanwhile, European bond markets saw sharp moves, with France’s 30-year yield at 4.5% (16-year high), Germany’s at 3.4% (14-year high), and UK gilts at their highest since 1998, as investors looked warily ahead to the government's autumn budget plans.
• French Prime Minister Francois Bayrou looks set to lose a confidence vote as opposition parties balk at his cuts to government spending, while British finance minister Rachel Reeves is expected to raise taxes in her autumn budget to remain in line with her fiscal targets.
• "Global bond markets are starting the month with a nervous glance towards upcoming government budget discussions in the U.S. and in Europe," Paul Christopher, head of global investment strategy at the Wells Fargo Investment Institute.
• Bond yields move inversely to prices and yields, especially on super-long-dated 30-year bonds, have been soaring around the world, with investors concerned about the scale of debt in countries from Japan to the United States.
• Kenneth Broux, head of corporate research FX and rates at Societe Generale, noted that "the flurry of new primary issuance that awaits investors in the coming days and weeks threatens to exacerbate the global selloff in the long end.

(Source: Reuters)

• President Luis Abinader announced that the Dominican Republic is now the second country with the highest air connectivity index in Latin America, growing from 878 to 1,096 air routes between 2020 and 2025, thanks to the Open Skies policy.
• He emphasised that aviation is projected to contribute US$15.0Bn in direct and indirect revenue by the end of 2025, representing 11.0% of the national GDP in tourism-related contributions. The sector is also expected to create over 40,000 direct jobs and more than 540,000 indirect jobs.
• Abinader credited this progress to coordinated efforts by the Civil Aviation Board (JAC), the Dominican Civil Aviation Institute (IDAC), the Airport Department (DA), and the General Directorate of Customs (DGA).
• Recent reforms, including Laws 57-23 and 17-24, have strengthened the aviation framework with tax incentives, regulations for drone operations, improved navigation systems, and expanded training programs.
• As at 2025, the country hosts 365 active airlines—13 of them domestic—marking a 365% increase in available seats for Dominican carriers. Airlines like Arajet and Sky High Aviation have expanded connectivity to 414 destinations across 75 countries.

(Source: Dominican Today)

• The Organisation of Eastern Caribbean States (OECS) Commission said yesterday it has signed a memorandum of understanding (MoU) with the International Solar Alliance (ISA) to strengthen support for the member countries of the sub-region in advancing their sustainable energy goals.
• ISA is an intergovernmental organisation working to accelerate the adoption of solar energy technologies by providing policy support, capacity building, and technical assistance to 124 members across Africa, Latin America and the Caribbean (LAC) as well as Asia and the Pacific (APAC) regions. The OECS was represented by Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.
• The meeting discussed advances in solar energy and opportunities to best leverage financing and partnerships to increase the uptake of solar energy. The OECS Commission said the MoU acknowledges the critical role that clean energy plays in building resilience to climate change in the Eastern Caribbean, as well as the pivotal role indigenous energy can play in transforming the economies of small island developing states (SIDS).
• It said the partnership framework establishes several areas of cooperation, including supporting the promotion of solar energy, the OECS Sustainable Energy Framework, the OECS Sustainable Energy Greenprint, and the Caribbean NDC Finance Initiative.

(Source: Trinidad Express)

• A.S. Bryden & Sons Holdings Limited (ASBH) announced that it purchased a 50% interest in Armstrong Agencies Limited (AAL), creating a partnership between the two companies. The transaction was carried out through ASBH’s subsidiary in Barbados, Retail Acquisition Company Limited (RACL), which also owns Stansfeld Scott (Barbados) Limited. In the transaction, RACL is both injecting additional capital into AAL to support future growth and purchasing shares from its existing shareholders.
• Armstrong Agencies Limited is a premier Barbadian distributor representing global brands across the food, beverage, confectionery, personal care, and pharmaceutical sectors. The family-owned enterprise has served the local market for over three decades.
• "This investment marks a significant milestone in our strategic vision for regional expansion," said Richard Pandohie, CEO of The Brydens Group. "Armstrong Agencies is a highly respected company with a deep-rooted presence in the Barbadian market. This partnership strengthens our portfolio and allows us to build upon our shared values and commitment to delivering quality products and services to the Caribbean."
• The agreement formalises a long-standing relationship between ASBH and AAL, which previously saw the two entities jointly own and operate Armstrong Healthcare, an affiliate of Bryden PI in Barbados. The investment is designed to enhance the existing partnership and enable ASBH to broaden its footprint in the Barbadian market by introducing the full range of its product portfolio.
• "We are thrilled to embark on this new chapter with A.S. Bryden & Sons Holdings," said Christopher Lambert, CEO of Armstrong Agencies Limited. "Their history of success and commitment to excellence aligns perfectly with our own. This collaboration ensures the continuity of our legacy while providing the resources and expertise needed to achieve new levels of growth and innovation. We are confident that this partnership will be of great benefit to our customers, suppliers, and employees."
• AAL's current leadership and operations team will remain in place, ensuring business continuity and a smooth transition. The acquired business will fall under the purview of Rakeesh Bernard, who serves as the CEO of the Barbados Business Unit for The Brydens Group.

(Source: JSE)

• Output prices for producers in the Mining and Quarrying industry, a component of the producers' price index (PPI), increased by 15.5% for July 2025, while another PPI component, the index for the Manufacturing industry, increased at a much slower pace of 1.1% according to the Statistical Institute of Jamaica (STATIN).
• The outturn for the Mining & Quarrying industry was driven by a 16.4% rise in the index for the major group ‘Bauxite Mining & Alumina Processing’. The PPI for the other major group, ‘Other Mining & Quarrying’, moved up by 0.1%.
• The increase in the PPI for the Manufacturing industry was largely due to the major groups ‘Food, Beverages & Tobacco’ (0.3%), ‘Refined Petroleum Products’ (4.5%) and ‘Chemicals and Chemical Products’ (1.5%).
• For July 2024 – July 2025, the point-to-point index for the Mining & Quarrying industry decreased by 6.3%. This was primarily due to a decline of 7.2% in the index for the major group ‘Bauxite Mining & Alumina Processing’.
• Meanwhile, the point-to-point index for the Manufacturing industry increased by 1.2%, mainly due to a 3.2% increase in the index for the major group ‘Food, Beverages & Tobacco’. The industry’s overall increase was; however, tempered by an 8.6% fall in the index for the major group ‘Refined Petroleum Products’.
• The rebound in Mining & Quarrying prices in July 2025 may provide a short-term boost to export earnings, but the year-over-year decline signals persistent external headwinds that could weigh on foreign exchange inflows and government revenues. Meanwhile, the steady uptick in Manufacturing points to greater stability. Looking ahead, the divergence between these two industries will remain a key factor influencing Jamaica’s overall price dynamics and balance of payments performance.

(Sources: STATIN and NCBCM Research)