Economic activity in Brazil fell more quickly than expected in June, central bank data showed on Wednesday, adding to evidence that the once-booming economy is suffering a painful recession. The Brazilian central bank's IBC-Br economic activity index fell 0.58% in June from the prior month, the bank said in a report released on Wednesday.
China stocks continued their sell-off on Wednesday following a 6% plunge in the previous session. The benchmark Shanghai Composite opened down 2.7% at 3,646.75 points on Wednesday before sliding further to register a 5% loss by mid-morning. The index closed down 6.1% at 3,749.12 points on Tuesday, its biggest daily decline since July 27.
Toyota and John Deere have said they will halt work at plants near China's port of Tianjin where huge explosions last week killed more than 100 people. Toyota's production lines will be closed until the end of Wednesday while John Deere suspended work indefinitely.
The Brazilian Central Bank weekly Focus Bulletin released on Monday indicates, for the first time, according to the prevailing opinion among financial institutions that the current recession of the country's economy will extend well into 2016. According to Focus the market forecasts a retraction of the Brazil's GDP of 0.15% in 2016.
Nine banks have agreed to pay 2 billion dollars in settlements to US investors over claims they rigged foreign exchange rates, according to lawyers. They are taking action on behalf of investors, including hedge funds and pension funds, who accuse banks of conspiring to manipulate rates.
Uruguay's foreign minister said on Friday that nobody supports the proposal from the Brazilian Senate president Renan Calheiros to put an end to the Mercosur customs union. However he did point out that he proposal exposed that the block effectively is 'not working' and needs to have its foundations reviewed.
Argentina's foreign exchange market was quite active on Friday and the so called 'blue' or 'parallel' dollar hit the highest mark in the year at 15.10 Pesos. Meanwhile the official US dollar ended half a cent higher at 9.255 Pesos in banks and foreign exchange agencies.
The British embassy will be present at Uruguay's Prado agriculture show with a pavilion geared to promote business, education, culture, tourism, gastronomy and entertainment. The 110th edition of the Prado event, Uruguay's main agri-business display will take place in Montevideo, between September 9 and 20.
Chinese shares rose on Friday as the central bank set the reference rate for the Yuan slightly stronger. The bank set the rate at 6.3975 per dollar compared to Thursday's close of 6.3982.
Argentina's July inflation for the private financial consultants climbed 1.92% and in the last twelve months reached 27.15%, according to the report released in Congress by opposition lawmakers. The so called 'congress index' is an average of the different private consultants which is released monthly by lawmakers to avoid fines and reprisals from government.