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Good news in Latin America amidst challenging politics in US and the UK
Weekly investor research
14 September 2020
In Ecuador, a court of appeals upheld a conviction for bribery for former President Rafael Correa, thus barring him from running in the 2021 election. Argentina completed a debt exchange for local law bonds. The Brazilian economy rebounded faster than expected. Mexico unveiled an austere budget for 2021 with a zero fiscal deficit, which could be challenging to achieve. On the other hand, political noise is rising in Peru ahead of elections scheduled for April 2021. Elsewhere, China posted robust credit numbers as the government positioned itself against the sale of TikTok. South African GDP growth plunged in Q2 2020. Nigeria took one step forward and two steps back on liberalisation of market prices. Zambia started to identify holders of its Eurobond ahead of a possible debt restructuring. Bahrain issued USD 1.5bn despite challenging credit metrics. Malaysia kept the policy rate unchanged. In the global backdrop, the number of coronavirus cases increased in Europe and Pfizer, a pharmaceutical company, said it expected a vaccine to be ready before year-end. In the United States, President Donald Trump was accused of misleading the public as natural disasters and social conflict raged across America, while in Great Britain Prime Minister Boris Johnson returned to brinkmanship in the Brexit negotiations.