Media and LatAm Navel Gaze: March 19, 2017

Mark Kollar,  Ligia Vela-Reid

MEDIA NAVEL GAZE

Trump released his budget plans and someone (??) released his taxes last week, both moves marked by shock, awe and lots of red ink.  Elsewhere:

  • Trump played what appeared to be an ingracious and ungracious host to Angela Merkel at the White House last week, keeping allies a bit on edge which is becoming standard operating procedure from the administration;
  • Sec of State Tillerson begins hardball with N Korean ahead of China meeting here;
  • The wiretapping claims we hope are tapped out Monday;
  • As way widely expected, the Fed raised its benchmark rate by 25 basis points and signaled more good times ahead on the ratcheting up front;
  • Second time is not a charm for Trump travel ban, with a judge in Hawaii saying this is still religious discrimination;
  • Pershing Square/Ackman bailed on Valeant for a $4BB loss;
  • The Dow was little changed this week (down just 0.1 percent) to close Friday at 20,914;
  • Flake news: The snow that did not really happened kept East Coast folks home and forecasters buried in shame;
  • Reporters are reportedly now using SlingTV to feed Trump feed addictions;
  • Pamela Anderson and Julian Assange are now are thing, apparently, which is kinda wikiweird, or maybe it’s just a vegan thang;
  • So are gaymojis a thing now, making semiotics even more fun;
  • And Chuck Berry died.

 LATAM GAZE

  • On Tuesday March 28, Argentina is set to witness the launch of PayPal. Its local operations will be linked to Banco Comafi, which will be the financial agent backing PayPal in Argentina, which sequentially obtained endorsement from the Central Bank (BCRA) to start its local activities.  
  • Brazil ended a streak of 22 months of losses of formal jobs in February, a sign that the economy may be emerging from its worst recession in a century. The country added 35 thousand 612 jobs in February, the first monthly increase since March 2015.  
  • Peru signed a loan agreement with the World Bank on Monday for US$40 million to finance the national Fishing and Aquaculture Innovation program, PNIPA. The five-year program is designed to strengthen artisanal fishing and small fisheries industries.  
  • Empresas Copec, a Chilean energy and forestry company, posted a 2.7% rise in earnings over the past year. Its profits rose to $554.1 million in 2016 compared to $ 539.3 million in 2015.  
  • Wells Fargo Securities expressed concern this week regarding Mexico's economic outlook for 2017, citing political headwinds. The firm projects GDP contraction of 1.0% in 2017, after growth of 2.3% in 2016, before recovering to a growth rate of 1.6% in 2018.  
  • The IMF is projecting 5.1% growth for the Panamanian economy this year, which is below the 5.8% projection set by Panama’s Ministry of Economy and Finance.
  • Venezuela is set to be suspended from the Organization of American States unless it holds general elections immediately. The push came from the head of OAS, Luis Almagro.  
  • End of Week Market Updates
  • Merval (Argentina):   +   2.85%
  • Bovespa (Brazil):       -    0.72%
  • IPSA (Chile):              +   3.97%
  • IGBC (Colombia):       -    0.12%
  • IPC (Mexico):             +   3.17%
  • BVL (Peru):                +   1.39% 

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