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Declining Copper/Pension Withdrawal Bill Headlines Weigh On CLP

CHILE
  • Declines in copper prices and headline noise associated with another pension withdrawal bill weighed on CLP during Monday’s session. Trend conditions are bearish and short-term gains are considered corrective. Key resistance is 832.75, the Feb 7 high with the bear trigger remaining at 783.51, Feb 23 low.
  • Chile Deputy Presents Bill for 5th Pension Withdrawal
    • Lawmaker Rene Alinco said they will only withdraw the bill that allows for a fifth round of early withdrawals from pension accounts if the government of President Gabriel Boric increases the minimum wage to 500,000 pesos a month and the minimum pension to 250,000 pesos, according to Television Nacional. (BBG)
    • “We are working on alternatives for an inclusive recovery of the economy,” said government spokeswoman Camila Vallejo when asked to comment on the bill.
  • Chile’s new President Gabriel Boric spoke in meeting with foreign press in Santiago.
    • “I want to immediately invite all the productive sectors of the country to look for an agreement” on the tax reform while Boric pledged to be careful with public spending.
    • Permanent expenditure must be financed by permanent revenues, he said.
  • Chile’s Constitutional Convention plenary to vote on 14 proposals including abortion, bans on torture and the death penalty.
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