Media and LatAm Navel Gaze: May 1, 2017
You get a car. And you get a car…and you…get it. The Trump tax plan seemed to benefit many and made for a much more simple process but also seemed light on revenue generation, making blues and reds not too comfortable with the proposed plan, which still needs quite a few details worked out to work out. Stay tuned but the post-100-day negotiations will not be simple.
- United makes changes and posts full-page CEO apologia in major dailies “Actions Speak Louder Than Words,” which probably was reference to the changes and not the “dragging”;
- President Obama emerged officially and publicly, making a speech on community organization but will soon command $400K as the former commander in chief for sponsored speaking;
- ESPN to ax about 100 folks (a few on-air talent) amid cuts to cable pay packages;
- Stocks ended the month higher with the Dow up 1.3 percent at 20,940 on Friday, continuing the Trump Bump a bit but hitting speed bumps along way. Earnings will be the motivating factor now for the next few weeks although the weak GDP report may keep a few bulls in check;
- The White House Correspondence Dinner happened sans Donald amid little fanfare, which can be a good thing; and
- A real good thing was announced last week: The giant panda is no longer on the endangered species list. Bravo!
- On Thursday, President Donald J. Trump hosted President Mauricio Macri of Argentina to discuss ways to deepen the close partnership between the United States and Argentina. The two leaders highlighted their continued commitment to expanding trade and investment between the United States and Argentina. President Trump offered his support to President Macri as Argentina prepares to host the World Trade Organization Ministerial and assume the G-20 Presidency.
- In Brazil, a nationwide strike led by Brazilian unions to protest President Michel Temer's austerity measures crippled public transport in several major cities, while factories, businesses and schools closed.
- In the first trimester, Chile’s BBVA has made bigger profits than any other South American country. In the first quarter, BBVA gained more than $1.3 billion, 69% more than in the same period last year, with $55 million coming from Chilean banks.
- The Chilean banking system reported a 27.77% increase in its earnings in March. The bank has also earned $942.9 million in the third month of the year. The higher monthly result is due to a rise in the interest margin influenced by re-adjustments and more days of accrual, increase in net commissions, as well as an unusual 823.21% increase in investments.
- Mexico’s GDP grew 2.7% real with non-seasonally adjusted data in the first quarter, exceeding analysts’ 2.5% increase expectations. This is the biggest economic growth Mexico’s economy has had since the third quarter of 2015.
- The president of Peru's state-owned development bank Corporación Financiera de Desarrollo (COFIDE), Pedro Grados, has estimated that the process of reconstruction will be key to give a boost to the economy. He notes that an adequate execution of public spending and a change in expectations will be essential to reactivate private investment projects.
- On Friday, the Venezuelan government postponed the formalization of its departure from the Organization of American States(OAS). The reason for the postponement are unknown, although sources assured the process was underway.
- End of Week Market Updates
- Merval (Argentina): + 1.21%
- Bovespa (Brazil): + 2.58%
- IPSA (Chile): - 0.30%
- IGBC (Colombia): + 0.96%
- IPC (Mexico): + 0.60 %
- BVL (Peru): - 0.56%