Weekend Edition: Brazil Rallies as Commodities and Colombia's Peso Slide
A Vale-led Ibovespa surge stood out against a heavy week for oil, gold and the Colombian peso, while regional dealmaking stayed brisk.
Equity markets| MARKET | CLOSE | WEEK | READ |
|---|
| Ibovespa · Brazil | 175,665 | +2.71% | Best regional performer, led by miners | | S&P/BMV IPC · Mexico | 65,484 | −0.37% | Flat as Pemex downgrade risk lingers | | S&P Merval · Argentina | 2,979,472 | +2.28% | Extends its grind higher | | Chile · ECH (ETF) | 40.99 | −1.09% | Slipped alongside softer metals | | Peru · EPU (ETF) | 92.30 | −1.81% | Weakest of the regional ETFs | | S&P 500 · US | 7,712 | +0.49% | Quietly green again |
Currencies · per US dollar| PAIR | CLOSE | WEEK | READ |
|---|
| USD/BRL | 5.1611 | −0.62% | Real firmed against the dollar | | USD/MXN | 17.0280 | +0.49% | Peso gave back a little ground | | USD/CLP | 930.58 | +1.78% | Tracked copper's soft tape | | USD/COP | 3,202.50 | +5.44% | Sharpest peso slide in the region | | USD/PEN | 3.3487 | −0.11% | Sol barely budged | | USD/ARS | 1,512.25 | +1.00% | Managed crawl continues steadily |
Commodities| INSTRUMENT | CLOSE | WEEK | READ |
|---|
| Gold · spot | 4,478 | −3.16% | Sharp pullback after the recent run | | Silver · spot | 67.00 | −3.56% | Fell harder than gold | | Copper · lb | 6.56 | −0.27% | Held roughly flat | | Brent · bbl | 89.31 | −5.38% | Worst commodity of the week |
Deals of the week| TARGET | ACQUIRER | COUNTRY | VALUE | SECTOR | READ |
|---|
| Nexa Resources | Boliden | Brazil | US$1.3bn | Mining & Materials | Votorantim sells 64.68% control via share swap | | Navi real estate platform | Vinci Compass | Brazil | ~USD154m | Real Assets | Adds ~BRL800m AUM in property funds | | Confins Airport (12.75% stake) | ASUR | Mexico | R$109.5m | Transport & Logistics | Mexican operator buys Zurich Airport's minority stake | | UCI Brasil | Cia Brasileira de Cinemas (JV) | Brazil | Undisclosed | Entertainment | Cine Araújo–Vila Rica JV takes 25 complexes | | Elfa Medicamentos | Gravataí Participações | Brazil | R$620m | Healthcare | Pátria exits 99.56% at a symbolic price | | MinutaIA | Jusbrasil | Brazil | Undisclosed | Technology & Software | Legaltech consolidation ahead of R$1bn revenue push | | Magicel | Alper Seguros | Brazil | Undisclosed | Financial Services | Broker's 29th deal doubles its Paraná book |
Capital raising| COMPANY | INVESTORS | STAGE | COUNTRY | AMOUNT | READ |
|---|
| Yuno | Global PayTech Ventures, a16z, Tiger Global, Monashees, KASZEK | Series B | Colombia | US$45m | Payments infrastructure platform scales globally | | Erco | Next Utility Ventures, Augment Infrastructure, Norfund | Series C | Colombia | US$129m | Solar generation and storage leader adds firepower | | Flash | Battery Ventures, Kevin Efrusy, Endeavor Catalyst | Series D | Brazil | BRL150m (~USD29.2m) | Workforce management platform keeps compounding | | Patria fourth VC fund | Patria Investimentos | Fund close | Brazil | BRL550m (~USD106m) | Final close aimed at LatAm tech and fintech | | Amapá Minerals | Starboard Asset | IPO | Brazil | CAD140m (~USD101.7m) | Gold miner lists in Toronto | | Naturmega | Credicorp Capital (Deuda Privada I) | Private credit | Colombia | COP26b (~USD7.3m) | Structured senior debt for nutraceutical maker | | Lucens Capital SPAC | Lucens Capital | SPAC IPO filing | Argentina | US$100m | Blank-check vehicle targeting Argentine operations | | Gama Fund | Monashees, Google, B3 | CVC fund | Brazil | US$10m | New fund backing LatAm AI startups |
Market data: Yahoo Finance, Alpha Vantage.
Chart of the Week
Which Latin American economies grow on credit? Brazil, Paraguay, and Uruguay grew credit faster than GDP from 2023 to 2025, while Chile, Colombia, and Peru did the opposite, in line with the US and UK. Chart: Latinometrics.
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