Espresso: May 11th

Espresso for May 11th

QUOTE OF THE DAY                 


“I will not resign, that never crossed my mind,” Rousseff said in a speech on Tuesday, to cheers from supporters.




Brazil’s Senate will vote today on whether to put President Dilma Rousseff on trial for breaking budget rules, amid expectations she will become the country’s first leader in more than two decades to be removed from office. If her opponents garner a simple majority of the 81 senators, Rousseff will be suspended for up to six months during the trial and Vice President Michel Temer will take power.

With well over half of senators telling newspapers they will vote to try Rousseff, Brazil’s first female leader is expected to leave the Planalto presidential palace on Thursday, following 13 years of leftist Workers Party rule in Latin America’s largest economy. Senators are due to start discussion of the motion at 9 a.m. (1200 GMT) after each member of the upper house gets the chance to speak. The final vote is expected to take place around 8 p.m. (2300 GMT).

If the case goes to a trial in the Senate, presided over by the head of the Supreme Court, Rousseff’s opponents are confident they can muster the two-thirds of the 81 senators, or 54, needed to unseat the unpopular president. Temer would then fulfill the remainder of her mandate until elections in 2018.




Accrding to Bloomberg, last week’s $1.3 billion rout in exchange-traded funds focused on emerging markets engulfed even Mexico, where an impressive earnings season was overshadowed by global growth concerns. Traders pulled $155.2 million from the nation’s flagship iShares MSCI Mexico Capped ETF (EWW) in the 5-day period ending May 6, the most among major developing nations after China. The fund’s total assets shrank by 16% in the period to a 2-month low, while those in the iShares MSCI Brazil Capped ETF declined by 6.2%. Losses week were deepened in USD terms by the region’s biggest currency slide.




CODELCO’s production grew 8.4% YOY in March. According to Chilean Copper Corporation (Cochilco) preliminary data, copper production during 1Q16 reached 469k tons. Breaking down by divisions, Salvador accounted for the highest growth, posting a 48.5% YOY expansion to 15k tons, followed by Chuquicamata, Radomiro Tomic, and Ministro Hales which, combined, increased their production by 19% YoY.