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Summary – March 18

LATAM
  • Chile Q4 GDP is expected to rise by 0.2% y/y on Monday, while analysts expect Brazil economic activity to rebound by 3.7% y/y in January. Colombia January economic activity and trade data will also cross. In the US, the NAHB housing index for March will be released later. The Fed remain inside their pre-meeting media blackout period, leaving the central bank speaker slate muted. Besides the Fed on Wednesday, attention will also be on monetary policy decisions in Brazil, Mexico and Colombia later this week.
  • Global News:
    • RUSSIA – A defiant Vladimir Putin said Russia won’t be stopped from pursuing its goals after he swept to a record victory in a presidential election whose outcome was pre-determined. Putin spoke after preliminary results showed him with 87.2% support in the election that ended Sunday. The outcome far exceeded his previous record of 77% in 2018 elections.
    • COMMODITIES – Oil hit a fresh four-month high, building on the biggest weekly advance in a month, as Chinese IP and investment data came in ahead of expectations, and Ukrainian attacks on Russian refineries heightened geopolitical risks. Global benchmark Brent rose toward $86 a barrel after gaining 4% last week, while West Texas Intermediate was above $81.
    • CHINA (MNI Beijing) – The property sector remains in the process of adjustment and transformation given January and February data results, Liu Aihua, spokesperson for the NBS said on Monday. China’s real-estate investment fell 9% y/y during the first two months of the year following the previous 9.6% decrease, while retail sales rose by 5.5% y/y. Liu said consumer prices were expected to show a moderate upward trend along with the continued recovery of goods and services, but overall demand in the economy remained insufficient.

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