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Free AccessLocal Assets Expected To Fall Significantly As No Finance Minister Named
- Pedro Castillo brought forward the swearing in of his cabinet to yesterday but at the time of writing, Castillo has yet to appoint a finance minister at all, further fuelling investor anxiety over his policy plans.
- The new president disappointed markets by swearing in Guido Bellido as prime Minister yesterday.
- Bellido is a member of his own Peru Libre Party and is a close ally of founder, Vladimir Cerron.
- Naming someone from Peru Libre may be a signal that he is beholden to socialists in his own party, which may make it harder to forge the alliances to pass legislation in congress where he doesn't have a majority.
- JPMorgan point out that Bellido's appointment has been criticized not only by the opposition and centrist parties (for example, centrist Morado Party already asked the Congress to reject confidence in the Premier), but also center-left political spaces that were expected to be Castillo's allies in the government.
- If former World Bank economist Pedro Francke or someone seen as moderate doesn't lead economic policy, investors will likely sour further on the outlook for the South American country.
- Pre-market pricing indicating a tough day ahead for local assets as markets reopen following two days of national holiday:
- Peruvian Sol Drops, Near Record Low At 3.9850/Usd (BBG)
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.