Latin America Publications
Below is a list of our Latin America Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
- In one line: Disinflation holds, but core pressures persist.
- Brazil — Rally on easing inflation
- Mexico — From record peaks to profit-taking
- Chile — Market consolidates after regional volatility
- The mild inflation uptick in Peru was driven by base effects, underlying price pressures remain in check.
- Economic momentum is holding steady, with construction, credit and labour markets resilient.
- Fiscal discipline and solid external accounts support PEN stability amid mounting political uncertainty.
- The broad-based rise in Brazil’s industrial output in August offers short-term relief, as the risks persist.
- Investment and external demand remain major drags; high interest rates are hurting.
- Weak confidence and US trade frictions will likely continue to weigh on industry.
- In one line: Signs of modest recovery in August, but the outlook remains fragile.
- A mining accident disrupted output in Chile, hurting activity, while commerce provided stability.
- Fiscal revenues rose on higher royalties and copper prices, though election-year spending risks persist.
- A right-wing political shift would bring business friendly reforms, likely boosting investor confidence.
- In one line: Activity loses momentum in August due mainly to weak mining.
- Split in BanRep’s Board highlights tension between resilient domestic demand and stubborn inflation.
- Loss of IMF credit line underscores fiscal fragility, fuelling market concerns over Colombia’s credibility.
- Minimum wage talks risk entrenching inflation, limiting BanRep’s scope for near-term easing.
LATAM ACTIVITY WEAKENS AS POLICY STAYS RESTRICTIVE…
- …DISINFLATION ADVANCES, BUT CORE PRESSURES CLOUD OUTLOOK
- In one line: Retail and manufacturing support growth, labour market improving at the margin.
- Brazilian Real — Gains fade after early rally
- Mexican Peso — Resilient, but facing resistance
- Argentinian Peso — Volatility as political noise builds
- Economic activity in Argentina contracts again as fiscal constraints and political instability weigh…
- …The US backstop boosts stability, but the October mid-term elections will test the credibility of reforms.
- A resilient labour market in Brazil masks cooling momentum, with job creation fading.
- Import growth is far outpacing exports in Brazil, as the strong BRL and Chinese goods shift trade flows.
- High reserves and slowing demand are buffers, but financing gaps leave Brazil vulnerable to shocks.
- Mexico’s labour market is weakening, with formal job creation stalling, wages rising and capex subdued.
- Monetary policy in Mexico is shifting cautiously, as inflation is sticky and growth prospects weaker.
- The trade deficit widened in August due to the oil sector and tariff-related external uncertainty.
- MXN appreciation and USMCA compliance support stability, despite ongoing external and fiscal risks.
- In one line: Inflation benign despite September uptick.
- In one line: Inflation steady, Banxico set to ease.
- Brazil’s inflation is rising modestly in September, reinforcing BCB’s cautious stance.
- BCB’s report highlighted sticky services inflation, a positive output gap, and delayed rate normalisation.
- Banxico continues its cautious easing as inflation softens, but fragile growth and external risks persist.
- Mexico’s industrial and services activity fell sharply in July, confirming fragile momentum ahead in H2.
- Retail sales show modest resilience, but tight credit and a weakening job market weigh on consumption.
- US support is stabilising the Argentinian peso for the moment, but structural fragilities still loom.
- Core services inflation remains sticky in Mexico, keeping Banxico’s easing gradual.
- External drivers support activity, while domestic demand and capex continue to struggle.
- Fiscal prudence and stable MXN provide cover for gradual easing, but trade risks remain elevated.
- Services and consumption drive growth in Colombia, but weak exports and capex are still limiting.
- Fiscal credibility deteriorates as deficits widen, and the Petro government suspends key safeguards.
- Policy options narrow as inflation expectations rise and political risk builds ahead of the 2026 elections.
