It was a rough month for Latin American equities, as most major indices were down in November despite a rebound during the latter half of the month. Collectively, the major indices in Argentina (-5%), Brazil (-4.2%), Chile (-2.1%), Colombia (-4.4%), and Mexico (-4.8%), decreased by an average of 4.1% during November. Peru (1.3%) was one of the few to notch an increase.
Famed former Cuban President Fidel Castro passed away at the age of 90.
Brazilian officials are looking into a potential corruption case involving President Michel Temer, who replaced impeached Brazilian President Dilma Rousseff earlier this year after she was ruled criminally liable for administrative misconduct and financial mismanagement.
Details were made public this week regarding the amendments to the peace treaty between Colombia’s government and the Revolutionary Armed Forces of Colombia (FARC). There were five major changes made to the treaty, which will not be submitted for ratification by the public, who voted down the initial treaty by a slim margin:
FARC will have to declare and make available all of their financial assets to provide financial support to families victimized by their actions
FARC members who plead guilty to serious crimes will be under “villa arrest”, or confined to an area the size of a small villa for 5 to 8 years;
A 10 year justice transition period will be implemented during which FARC must continue to provide information to Colombia’s government
Specific to their drug trafficking operation, FARC must continue to provide detailed intel regarding all of their previous operations
The peace treaty will not be integrated into Colombia’s constitution (this is important because the treaty is expected to be a point of contention during the 2018 elections, and is more easily challenged if not protected by the constitution)