Key Facts — Latin American markets
US tariff decision triggers hedging, a 25% Section 301 duty on Brazilian goods deadline today forces desks to de-risk ahead of the decision, overshadowing a modestly positive US futures tape.
Soft oil prices weigh on regional energy, as OPEC’s revised demand growth of 780,000 b/d anchors Brent near recent lows, dragging on Petrobras and Pemex ADR sentiment in the pre-market.
The real firms despite tariff anxiety, with USD/BRL retreating 1.26% to 5.0721 as foreign inflows chase local rates and a cooler-than-expected June IPCA print reinforces the carry trade.
Argentina’s sovereign risk hits multi-year low, with the EMBI+ spread dipping to around 400 basis points, fueling a rally in Argentine banks and energy CEDEARs ahead of budget balance data.
