November 18, 2022 12:20 GMT
CLP Sees Early Underperformance as Deficit Wider Than Forecast
- CHILE: Chilean GDP data came in ahead of expectations, rising 0.3% Y/Y vs. Exp. 0.2%. On the quarter, GDP fell 1.2% vs. Exp. -1.0%.
- Current account balance data showed a wider-than-expected deficit of $9.428bln.
- Chile’s Boric has a busy day, meeting China’s Xi Jinping at the APEC summit in Thailand.
- COLOMBIA: In a measure to counter inflation expectations, Colombia are to push to remove the price indexation of goods and services from calculations for minimum wage. The proposals will be put forward by the government for consideration by Congress. The legislation would see minimum wages tied to core inflation, instead of goods and services prices.
- Following reports earlier in the week that Colombia were seeking higher levels of funding for the public pension system, analysts cited by Bloomberg see Colombian bond markets coming under pressure as a result.
- Analysts at both GS and Citi see the measures as limiting the ability of private pension fund managers to support the local market, however see a risk that the measures could be watered down through the Congressional approval process.
- Elsewhere today, the Uruguayan central bank release their November meeting minutes.
- A Congressional Committee in Peru hold a session to review treason accusations against President Castillo at midday local time.