Espresso: April 21st

Espresso for April 21st

QUOTE OF THE DAY                                                                                            

“Doha or no Doha, we see that the market is turning,” OPEC Secretary General Abdullah El-Badri told in Paris´ oil summit .

WHAT MARKETS ARE TALKING ABOUT


 

OIL CONTINUES RECOVERY

WTI Crude oil trades at 44.2 USD/BBL as US output dropped to lowest since October 2014 to 8.95 million barrels a day in the week ended April 15. In addition Iraq said OPEC could renew talks of output freeze in May, this in despite of OPEC´s secretary-general, Abdullah El-Badri, saying cartel may discuss oil freeze until June´s (Austria) meeting. El-Badri expects oil market to begin rebalancing in 3Q16 and a turnaround in 2017. Oil recovery during 2016 has boosted stock gains in LatAm however current prices still poses risk to oil producers.

CEMEX DELIVERS

CEMEX reported 1Q16 results that were in-line with analysts´estimates. The Mexican cement maker  posted first first-quarter profit in seven years. EBITDA reached $583 mn with results supported by US sales. The stock is 36.2% Year-to-date.

IS TEMER SEEING WHAT  IS COMING?

Looking past the euforia of Dilma Rousseff´s impeachment Brazil´s economic situation is really challenging, to say the less, the National Treasury along with most of the states are broke, Petrobras´ survival seems posible only through a capital increase and banks are in a delicate position. Michel Temer as a potential president will face a extremely difficult scenario and he is already having trouble forming an economic team… would you join?

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