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Markets

Latam markets steady as trade hopes grow

The Mexican peso was steady, while the Chilean peso rebounded after steep two weeks of declines as prices of copper
04 Nov 2019
  • The Mexican peso was steady, while the Chilean peso rebounded after steep two weeks of declines as prices of copper.
  • The Brazilian real held below 3.98 per dollar, with President Jair Bolsonaro and Economy Minister Paulo Guedes set to deliver reform bill drafts to the lower house of Congress this week.
  • The overhaul package is part of a post-pension reform effort and includes a constitutional amendment for a "federative pact" bill.

Latin American currencies held steady on Monday on signs the United States and China were making headway in their trade negotiations, while Brazil shares jumped to a new record.

The Mexican peso was steady, while the Chilean peso rebounded after steep two weeks of declines as prices of copper, the country's top export, firmed.

The gains came even as Chile's newly appointed finance minister Ignacio Briones said the economy will likely grow between 2.0% and 2.2% in 2019, down from a prior forecast for 2.6% growth following more than two weeks of street protests.

The Brazilian real held below 3.98 per dollar, with President Jair Bolsonaro and Economy Minister Paulo Guedes set to deliver reform bill drafts to the lower house of Congress this week.

The overhaul package is part of a post-pension reform effort and includes a constitutional amendment for a "federative pact" bill, which should institute new rules for federal and state budgets.

However, helping the broad sentiment, the United States and China said on Friday they made progress in talks aimed at defusing a nearly 16-month-long trade war that has harmed the global economy, and US officials said a deal could be signed this month.

The Bovespa touched a new record, with help from shares in miner Vale, which extended gains for second session on news it was resuming operations at its Algeria mining site.

Shares in the country's largest wireless carrier Telefonica Brasil SA rose 1.4% after its chief executive said the firm is likely to deliver stronger results in the fourth quarter even as it posted a 69.6% fall in third-quarter net income.