LatAm Gaze: February 6, 2017

Ligia Vela-Reid  Follow

  • Scores of Brazilian politicians gathered over the weekend to offer their condolences to former President Luiz Inácio Lula da Silva (“Lula”), whose wife Marisa Letícia passed away at age 66. While this was happening, Brazil’s Supreme Court appointed Judge Edson Fachin to oversee cases regarding Brazil’s ongoing corruption investigation known as Lava-Jato (Operation Car Wash). Judge Fachin takes over for Teori Zavascki, who died in a January plane crash shortly before he was scheduled to begin the next round of trials.
  • Results from an investigation by Peru’s government allege that former President Alejandro Toledo received US$20 million in bribes from Brazilian firm Odebrecht. The government is now seeking his imprisonment.
  • JP Morgan this week projected that Argentina's economy will grow by 3.2% this year while inflation will drop from 39.7% to 21.2%, citing key growth drivers of increased consumption, increases in real wages and a strong rebound in investments. The country’s latest batch of economic data showed significant growth in car sales, agriculture, and machinery.  
  • Colbún, one of Chile's largest electricity generators, posted its highest-ever quarterly profit at US$204.7 million despite adverse weather conditions that posed challenges for the industry. 
  • Mexican President Enrique Peña Nieto launched a new initiative promoting the consumption of Mexican-made products. The campaign, known as “Hecho in México” (made in Mexico), also facilitates investment in Mexican small businesses by scaling back regulations for private investors supporting businesses with revenues below US$820,000.
  • End of Week Market Updates
    • Merval (Argentina):   -  0.08%
    • Bovespa (Brazil):       -  1.64%
    • IPSA (Chile):              -  0.33%
    • IGBC (Colombia):       -  0.71%
    • IPC (Mexico):             -  0.41%
    • BVL (Peru):                +  0.79% 

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