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Markets Shrug Off Below Estimate GDP

CHILE
  • Chile’s gross domestic product shrank more than expected in the first quarter as the economy comes off its stimulus-induced high of last year and consumer prices soar. Local assets were largely unaffected by the data on Wednesday amid plunging equity prices.
    • As a reminder, gross domestic product contracted 0.8% from the prior three-month period with the annual rate dipping to 7.2%, below the 7.9% median surveyed estimate.
  • In the final legislative step - Chile’s lower house of congress voted in favour of raising the monthly minimum wage to 400,000 pesos ($470) in August from the current level of 350,000 pesos.

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