The US Federal Reserve agreed on Wednesday to provide 30 billion US dollars each to the central banks of Brazil, Mexico, South Korea and Singapore, expanding its effort to unfreeze money markets to emerging nations for the first time.
The United States economy shrank at an annualised rate of 0.3% between July and September, according to figures from the Commerce Department. GDP figures were better than expected, although they show the sharpest contraction of the economy since 2001.
Brazil's central bank left the basic SELIC rate unchanged for the first time in six months on Wednesday. The Copom monetary council led by Henrique Meirelles voted unanimously to keep the benchmark interest rate ”for the moment'' at a two-year high of 13.75%.
Argentina's peso closed Thursday trading at 3.39 to the US dollar, similar to Wednesday when the Central bank intervened with a billion US dollars in support of the local currency to stem a two-week slide sparked by concern the country will default.
Beef exports are forecast to rise nearly 2% during 2009 as gains by Brazil, Argentina and the United States outweigh downturns in Australian and New Zealand shipments according to the US Cattle network
Chile's stock market climbed 1.93% on Thursday but finished the turbulent October 9.57% down. As with most global markets Chile's bounced back following on a better performance in Wall Street and the Sao Paulo Bovespa index.
Business and consumer confidence in the 15 nations of the Euro zone fell to a 15-year low in October, the European Commission said Thursday, as a credit crunch hits consumer spending and forces companies to shed jobs.
Major Latinamerican markets recovered strongly Tuesday as investors in the region and on Wall Street set aside worries about global recession to take part in a buying spree convinced that the Fed would announce further interest rate cuts on Wednesday.
Environmental cooperation, the impact of the global financial crisis on United Nations efforts to slash poverty and the role of women in tackling climate change will be on the agenda when Deputy Secretary-General Asha-Rose Migiro heads to Seoul for an official visit to the Republic of Korea (ROK).
The United States Federal Reserve cut on Wednesday the key interest rate from 1.5% to 1% in a widely expected move with the purpose of promoting a return to moderate economic growth.