Key Facts
Brazil broke down on the week’s close. The Ibovespa fell 0.73% to 173,787 and the Brazilian universe printed just 24.7% up-breadth — the broadest single-session selling the sweep has flagged this week. The domestic consumer cluster led the decline, with Minerva −7.05%, Magazine Luiza −5.83%, CVC Brasil −6.25% and Pão de Açúcar −5.10%.
Argentina was perfect-green for a second consecutive week-end. All 17 Argentine instruments in the sweep closed higher; the universe averaged +2.85%, the financial complex averaged +4.04% (BBVA Argentina +4.14%, Banco Macro +3.39%, Grupo Galicia +3.81%, Grupo Supervielle +4.84%), and Telecom Argentina topped the entire equity tape at +6.52%.
The Argentine peso did not confirm this time. USD/ARS sat flat at 1,408.5 through a +2.85% equity bloc — the same non-confirmation signature that flagged the mid-May rallies as tactical, and the single most important change versus last Friday’s report when the peso firmed alongside the equity.
Mexico stabilised; Brazil became the funding leg. The IPC slipped 0.39% to 68,575 with 36% Mexican universe breadth — markedly better than the 12% breadth that defined Mexico as the prior week’s underperformer. The rotation out of LatAm equity has moved cleanly from Mexico to Brazil.
