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Media and LatAm Navel Gaze: September 25, 2017

Mark Kollar,  Ligia Vela-Reid

Rocket Man. President Trump addressed the UN General Assembly in an at-time measured and focused speech that made headlines more for his direct and blunt comments on North Korea and threats to Rocket Man than for his foreign policy statements and restatements. No matter what good leadership bump he received was quickly overshadowed in now a familiar pattern of other-matter tweets like the NFL and kneeling, which will now become fodder for much media debate.

Elsewhere:

  • ACA reform in hot water and doesn’t look like it will pass;
  • The Trump travel ban is undergoing revisions that may be more country specific;
  • Uber may lose the license to operate in London but appeals will likely stall anything but the ride share from stalling;
  • Megyn Kelly new show begins Monday in a program she promoted as “if a news show and a talk show had a baby.” Really?
  • The Dow and other gauges moved up a bit, with the blue chips gaining 0.4 percent to close at 22,349;
  • Hurricanes continued their assault, devastating Puerto Rico and other islands, making their way up the coast over the weekend; and
  • Dotard is now part of our vocabulary.

LatAm Gaze:

  • In his 2018 budget bill, Argentina Treasury Minister Nicolas Dujovne forecasted 2018 economic growth of 3.5%, average annual inflation of 15.7% and a primary fiscal deficit of 3.2% of gross domestic product. He also lowered the expected 2017 deficit from 4.2% to 4% as the nation looks to further reduce public spending.
  • In Brazil, Petrobras raised US$2 billion from the sale of seven- and 10-year securities and sold US$1 billion worth of senior unsecured bonds due in 2025 and 2028 at a yield of 5.3% and 6% respectively.  
  • Canadian mining company Potash Corp has retained Goldman Sachs and BofA Merrill Lynch to gauge interest in Potash’s 32% stake in Chilean mining company SQM. The move comes as part of a regulatory mandate for Potash to divest 3 of its 4 international assets as a condition for the firm’s merger with Agrium, which would create a consolidated company worth US$36 billion.
  • The financial institution of Citigroup Mexico changed the projection of annual growth of the economy for the country from the 2.1% to 1.9% after the series of earthquakes that have struck the country.  
  • In Peru, Economic Minister Claudia Cooper announced a plan to put US$9 billion worth of government projects up for bid to the private sector to help increase foreign investments. 
  • End of Week Market Updates
    • Merval (Argentina): +5.41%
    • Bovespa (Brazil):     -0.48%
    • IPSA (Chile):          +1.69%
    • IGBC (Colombia):    -0.45%
    • IPC (Mexico):          +0.78%
    • BVL (Peru):            -0.71% 

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