Core Viewpoint - Argentina's industrial production index (MIP) has shown a continuous decline, indicating significant challenges in the economy due to political uncertainty and stringent monetary policies [1] Industrial Performance - In July, the MIP decreased by 1.1% year-on-year and 2.3% month-on-month, marking six consecutive months of decline [1] - Out of 16 categories, 9 experienced a year-on-year decline, with the most significant drops in clothing and footwear (10.7%), metal products (8.5%), and motor vehicles and automotive parts (8.4%) [1] Economic Outlook - The political uncertainty stemming from the ruling party's losses in provincial legislative elections is expected to hinder economic recovery [1] - High interest rates are anticipated to continue affecting financing, consumption, and investment, suggesting that the current downturn may last longer than previously expected [1]

Core Viewpoint - The Central Bank of Russia unexpectedly lowered the key interest rate by 100 basis points to 20.00%, contrary to market expectations of maintaining it at 21% [1] Group 1: Inflation and Economic Balance - Current inflation pressures, including potential inflation pressures, continue to decline [1] - Domestic demand growth still exceeds the capacity for expansion of goods and services supply, but the Russian economy is gradually returning to a balanced growth trajectory [1] Group 2: Monetary Policy Outlook - The Central Bank aims to maintain monetary tightening to restore inflation to target levels by 2026 [1] - Future decisions regarding the key interest rate will depend on the speed and sustainability of the decline in inflation and inflation expectations [1] - According to the Central Bank's forecast, inflation is expected to return to 4.0% by 2026 and remain at target levels thereafter [1]