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Weekend Edition: Metals Lift the Andes, Brazil and Argentina Slide
A metals-driven week split the region as copper, gold and silver powered Chilean and Peruvian equities higher while Brazil and Argentina sold off against a record-chasing Wall Street.
Equity markets
| MARKET | CLOSE | WEEK | READ |
|---|
| Ibovespa · Brazil | 172,513 | −3.08% | Sold off while Wall Street rallied |
| S&P/BMV IPC · Mexico | 66,939 | +0.00% | Dead flat as US equities surged |
| S&P Merval · Argentina | 3,086,785 | −6.21% | Sharpest regional drop of the week |
| Chile · ECH (ETF) | 41.25 | +4.88% | Copper and metals lifted the tape |
| Peru · EPU (ETF) | 90.74 | +5.54% | Best regional performer, riding metals |
| S&P 500 · US | 7,758 | +3.58% | Record chase left LatAm behind |
Currencies · per US dollar
| PAIR | CLOSE | WEEK | READ |
|---|
| USD/BRL | 5.0814 | +0.12% | Real barely budged despite equity selloff |
| USD/MXN | 17.1220 | −1.19% | Peso firmed against the dollar |
| USD/CLP | 912.03 | −1.98% | Tracked copper, not the equity tape |
| USD/COP | 3,153.20 | +0.05% | Essentially unchanged on the week |
| USD/ARS | 1,498.50 | +0.91% | Peso kept grinding weaker |
Commodities
| INSTRUMENT | CLOSE | WEEK | READ |
|---|
| Gold · spot | 4,400 | +7.13% | Haven bid roared back |
| Silver · spot | 63.50 | +9.89% | Outran gold on the metals surge |
| Copper · lb | 6.59 | +2.41% | Underpinned Chilean and Peruvian equities |
| Brent · bbl | 83.55 | −4.98% | Crude the week's clear laggard |
Deals of the week
| TARGET | ACQUIRER | COUNTRY | VALUE | SECTOR | READ |
|---|
| JBS–Indonesia sovereign fund JV (Asia proteins) | JBS | Brazil | US$10bn JV (US$2.5bn stake) | Food & Beverage | Brazilian meatpacker plants an Asian flag |
| Itaú retail units, Colombia & Panama | Banco de Bogotá | Brazil | R$2.5bn | Financial Services | Itaú trims its Andean retail footprint |
| Brava Energia (~25% stake) | Ecopetrol | Colombia | Undisclosed | Energy | Ecopetrol wins auction for the stake |
| Copasa (30% stake) | Grupo Equatorial | Brazil | Undisclosed | Utilities | CADE cleared the sanitation stake unanimously |
| CSN cement unit | Undisclosed (sale process) | Brazil | R$15bn | Construction & Materials | Full sale sought for deleveraging |
| Cyrela commercial & logistics assets | TRX fund | Brazil | R$2.24bn | Real Estate | Hybrid cash-and-shares asset carve-out |
| HST | Valid | Brazil | R$73mn | Technology | Bolt-on into payments and tokenisation |
| RCR Ambiental | Multilixo | Brazil | R$150mn | Waste & ESG | Multilixo's biggest deal, beyond São Paulo |
Capital raising
| COMPANY | INVESTORS | STAGE | COUNTRY | AMOUNT | READ |
|---|
| Decade | Greenoaks, Andreessen Horowitz | Seed | Latin America | US$85mn | Billed as the region's largest-ever seed |
| Moove | Mubadala, Woven Capital | Series C | Brazil | US$250mn | US$2.1bn valuation for autonomous-fleet play |
| Treecorp Fund IV | IFC, Banco Safra | PE fund close | Brazil | R$1bn | IFC anchors the fourth fund's final close |
| Kesh | Grupo Leste, BR Angels | Seed (equity + debt) | Brazil | R$550mn | Hybrid round to scale cashback-credit model |
| Netrin | Insi Ventures | Venture | Brazil | R$26mn | Third-party risk platform gets fresh fuel |
| Plinq | Spectra Investments | Seed | Brazil | R$1.3mn | Small check for background-check app |
| Lucens Capital Acquisition I (SPAC) | Lucens Capital (Buenos Aires PE sponsor); EarlyBirdCapital (bookrunner) | SPAC IPO | Argentina | US$100m | NYSE (LCNS.U) blank-check targeting an Argentina-linked business, EV ~$400m–$1bn. |
Market data: Yahoo Finance, Financial Modeling Prep, Alpha Vantage.