Chile
Central Bank Governor Vergara flagged increased risks, due to faster-than-expected growth.
Central Bank Governor Rodrigo Vergara said that domestic demand, driven by both strong consumer spending and large investments in the mining industry, has been the driver of Chile’s rapid growth. He noted that mining investments accounted for less than 15% of total investment in 2003, and now accounts for 25% of total investments. Mining output’s share of GDP is 15%, while copper accounts for 60.0% of exports.
Thursday, March 7, 2013
US Gas Exports Will Shake Up Global Market
US Gas Exports Will Shake Up Global Market
Published: Thursday, 7 Mar 2013 | 6:32 AM ET
By: Patti Domm
CNBC Executive News Editor
Despite objections, the U.S. is heading down the road to export natural gas, and that could ultimately help shake up world energy markets.
http://www.cnbc.com/id/100530615
Published: Thursday, 7 Mar 2013 | 6:32 AM ET
By: Patti Domm
CNBC Executive News Editor
Despite objections, the U.S. is heading down the road to export natural gas, and that could ultimately help shake up world energy markets.
http://www.cnbc.com/id/100530615
How the US Shale Gas Boom Could Derail China
How the US Shale Gas Boom Could Derail China
Published: Thursday, 7 Mar 2013 | 3:41 AM ET
By: Matt Clinch
News Assistant
With oil production at a twenty year high and predictions of a manufacturing renaissance for the U.S. economy, one of the world's largest investment banks has detailed how the "shale revolution" will negatively affect emerging markets such as China.
http://www.cnbc.com/id/100531212
Published: Thursday, 7 Mar 2013 | 3:41 AM ET
By: Matt Clinch
News Assistant
With oil production at a twenty year high and predictions of a manufacturing renaissance for the U.S. economy, one of the world's largest investment banks has detailed how the "shale revolution" will negatively affect emerging markets such as China.
http://www.cnbc.com/id/100531212
Wednesday, March 6, 2013
Texas Oil Production May Hit Record by 2020, Regulator Says
Texas Oil Production May Hit Record by 2020, Regulator Says
By Edward Klump
Texas is poised to more than double daily oil production by 2020, surpassing a 1972 record with surging output from the Eagle Ford shale and Permian Basin, the state’s petroleum regulator said.
http://www.bloomberg.com/news/2013-03-06/texas-oil-production-may-hit-record-by-2020-regulator-says.html
By Edward Klump
Texas is poised to more than double daily oil production by 2020, surpassing a 1972 record with surging output from the Eagle Ford shale and Permian Basin, the state’s petroleum regulator said.
http://www.bloomberg.com/news/2013-03-06/texas-oil-production-may-hit-record-by-2020-regulator-says.html
WTI Oil Trades Near Two-Day Low as U.S. Crude Stockpiles Climb
WTI Oil Trades Near Two-Day Low as U.S. Crude Stockpiles Climb
By Ben Sharples
West Texas Intermediate oil traded near the lowest level in two days after U.S. crude stockpiles rose almost five times more than forecast. The Brent pipeline system remained shut a fifth day.
http://www.bloomberg.com/news/2013-03-06/wti-oil-trades-near-two-day-low-as-u-s-crude-stockpiles-climb.html
By Ben Sharples
West Texas Intermediate oil traded near the lowest level in two days after U.S. crude stockpiles rose almost five times more than forecast. The Brent pipeline system remained shut a fifth day.
http://www.bloomberg.com/news/2013-03-06/wti-oil-trades-near-two-day-low-as-u-s-crude-stockpiles-climb.html
Chile: Growth was rapid in January
Daily Latam Spotlight - 6 March 2013
Chile: Growth was rapid in January
The monthly proxy for real GDP, Imacec, expanded 6.7% y/y in January. This is in line with our 6.8% y/y forecast and slightly above the median estimate from the Bloomberg survey of 6.5% y/y. Growth was rapid across the board. Mining activity expanded 8.4% y/y, manufacturing advanced 4.4% y/y and services rose 6.9% y/y. The three-month moving average of GDP growth was 5.6% y/y in January, the same as in the month before. In monthly terms, real output rose 0.1% m/m in January, and was 17.0%, saar above Q4.
Chile: Growth was rapid in January
The monthly proxy for real GDP, Imacec, expanded 6.7% y/y in January. This is in line with our 6.8% y/y forecast and slightly above the median estimate from the Bloomberg survey of 6.5% y/y. Growth was rapid across the board. Mining activity expanded 8.4% y/y, manufacturing advanced 4.4% y/y and services rose 6.9% y/y. The three-month moving average of GDP growth was 5.6% y/y in January, the same as in the month before. In monthly terms, real output rose 0.1% m/m in January, and was 17.0%, saar above Q4.
Chile’s Paradox of Prosperity
March 06, 2013
Chile’s Paradox of Prosperity
The country’s economy is thriving, but rising expectations and gaping inequalities sap the popularity of President Sebastián Piñera’s conservative government.
By Jonathan Kandell
Thirty years ago, as Latin America was succumbing to the debt crisis, few nations suffered as much as Chile. The country still bore the scars of the bloody military coup that claimed the lives of former president Salvador Allende and some 3,000 supporters a decade earlier. The debt crisis hit when the economy was undergoing wrenching change from the radical free-market policies pursued by the regime of General Augusto Pinochet. The results were painful: Economic output collapsed by 14 percent in 1982, unemployment soared to more than 30 percent, nearly half the population lived below the poverty line, and the current-account deficit was running at a rate of 12 percent of GDP.
http://www.institutionalinvestor.com/Article/3163684/Chiles-Paradox-of-Prosperity.html
Chile’s Paradox of Prosperity
The country’s economy is thriving, but rising expectations and gaping inequalities sap the popularity of President Sebastián Piñera’s conservative government.
By Jonathan Kandell
Thirty years ago, as Latin America was succumbing to the debt crisis, few nations suffered as much as Chile. The country still bore the scars of the bloody military coup that claimed the lives of former president Salvador Allende and some 3,000 supporters a decade earlier. The debt crisis hit when the economy was undergoing wrenching change from the radical free-market policies pursued by the regime of General Augusto Pinochet. The results were painful: Economic output collapsed by 14 percent in 1982, unemployment soared to more than 30 percent, nearly half the population lived below the poverty line, and the current-account deficit was running at a rate of 12 percent of GDP.
http://www.institutionalinvestor.com/Article/3163684/Chiles-Paradox-of-Prosperity.html
China's copper anxiety and the Glencore-Xstrata delay
China's copper anxiety and the Glencore-Xstrata delay
By Shelley DuBois, writer-reporter
March 6, 2013: 12:49 PM ET
China needs copper in ways that more mature markets don't. So they are taking their time reviewing the commodities mega-merger.
http://management.fortune.cnn.com/2013/03/06/china-copper-glencore-xstrata/
By Shelley DuBois, writer-reporter
March 6, 2013: 12:49 PM ET
China needs copper in ways that more mature markets don't. So they are taking their time reviewing the commodities mega-merger.
http://management.fortune.cnn.com/2013/03/06/china-copper-glencore-xstrata/
Monday, March 4, 2013
Turkey: Inflation - as expected
Turkey: Inflation - as expected
At 0.3% m/m, February's CPI inflation was slightly below the market consensus and our forecast (both at 0.4% m/m). Consequently, annual inflation declined 0.3pp to 7.0%. The lower-than-expected CPI was mainly due to food and clothing prices. Annual food inflation fell from 6.85% in January to 5.60% in February, partly correcting the 3pp rise previous month. The decline in clothing prices was higher than the seasonal averages at 6.4% m/m in February.
At 0.3% m/m, February's CPI inflation was slightly below the market consensus and our forecast (both at 0.4% m/m). Consequently, annual inflation declined 0.3pp to 7.0%. The lower-than-expected CPI was mainly due to food and clothing prices. Annual food inflation fell from 6.85% in January to 5.60% in February, partly correcting the 3pp rise previous month. The decline in clothing prices was higher than the seasonal averages at 6.4% m/m in February.
Sequester Politics, Freddie Mac Earnings, Home on the Range
RATES
FI SPECIAL
March 4, 2013
Sequester Politics, Freddie Mac Earnings, Home on the Range
■ This is the economy under the sequester.
The $85bn of sequester cuts have now officially gone into effect. Two Senate bills - one from either party - aimed at reworking or providing more flexibility for the cuts, failed votes of cloture and are provisionally dead. To sidestep the next hurdle of the fiscal crisis, House Republicans are said to be drafting a bill that will fund the government for the remainder of the fiscal year. On the upside, this is an attempt to remove the threat of a government shutdown before the existing continuing resolution (CR) expires on March 27th. On the downside, it probably means there is virtually no possibility that a compromise exchanging tax reform for entitlement reform will be forthcoming from this Congress.
FI SPECIAL
March 4, 2013
Sequester Politics, Freddie Mac Earnings, Home on the Range
■ This is the economy under the sequester.
The $85bn of sequester cuts have now officially gone into effect. Two Senate bills - one from either party - aimed at reworking or providing more flexibility for the cuts, failed votes of cloture and are provisionally dead. To sidestep the next hurdle of the fiscal crisis, House Republicans are said to be drafting a bill that will fund the government for the remainder of the fiscal year. On the upside, this is an attempt to remove the threat of a government shutdown before the existing continuing resolution (CR) expires on March 27th. On the downside, it probably means there is virtually no possibility that a compromise exchanging tax reform for entitlement reform will be forthcoming from this Congress.
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