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ARGENTINA: Consumer Confidence At 13-Month High, Min Wage Negotiations Continue

ARGENTINA
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  • Consumer confidence edged up to 46.0 in December, from 45.0, taking it to its highest level since November last year. Meanwhile, the larger-than-expected $1.23bn trade surplus in November, reported yesterday, came on the back of a rebound in exports, driven by the normalisation of the agricultural sector from last year’s severe drought. The energy trade surplus also widened further, as energy imports continued to plummet and oil exports edged higher.
  • No other macro data are due today, with focus turning to Q3 current account and October economic activity tomorrow. Analysts see economic activity rising by 0.3% m/m, unwinding a 0.3% decline in September, taking annual growth to -1.8% y/y, from -3.3%. Meanwhile, the country’s wage council will meet from 1700GMT(1200ET) today to negotiate a new minimum wage.
  • In other news, YPF is expected to announce a deal with Shell to develop its liquefied natural gas business, according to a report in La Nacion. YPF’s CEO Horacio Marin is in Amsterdam this week to complete the deal, according to the report.
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  • Consumer confidence edged up to 46.0 in December, from 45.0, taking it to its highest level since November last year. Meanwhile, the larger-than-expected $1.23bn trade surplus in November, reported yesterday, came on the back of a rebound in exports, driven by the normalisation of the agricultural sector from last year’s severe drought. The energy trade surplus also widened further, as energy imports continued to plummet and oil exports edged higher.
  • No other macro data are due today, with focus turning to Q3 current account and October economic activity tomorrow. Analysts see economic activity rising by 0.3% m/m, unwinding a 0.3% decline in September, taking annual growth to -1.8% y/y, from -3.3%. Meanwhile, the country’s wage council will meet from 1700GMT(1200ET) today to negotiate a new minimum wage.
  • In other news, YPF is expected to announce a deal with Shell to develop its liquefied natural gas business, according to a report in La Nacion. YPF’s CEO Horacio Marin is in Amsterdam this week to complete the deal, according to the report.