LATAM stands firm on public holidays: Monday and Tuesday will not see relevant action

The Carnival holiday directly impacts Brazil and Argentina. Among the largest markets in the region, only Colombia and Mexico remain active.

Carnival holidays result in significantly reduced activity this Monday, with similar expectations for tomorrow. Both Argentina and Brazil observe their Carnival holidays this week, with regular activity set to resume on Wednesday. However, ADRs listed on Wall Street show mixed variations.

ADRs show mixed results, lacking clear trends and with low volume. Even the markets in Colombia and Mexico demonstrate minimal variation. There are no significant headlines for today’s session.

Carnival holidays in Argentina and Brazil are popular festivities celebrated in both countries, often with a significant impact on economic and social activity. It generally is a public holiday that includes two days of the week and the weekend.

In Argentina and Brazil, the days when Carnival is celebrated may vary slightly from year to year. Still, they generally occur around the beginning of the year and can last for several days.

In both countries, the holidays typically include Carnival Monday and Tuesday.

There is no activity in the currency market. Both the real and the peso show no variations in today’s session.

Among the ADRs with the most significant variations are VALE and Petrobras, both showing increases of 1.5%, likely driven by general optimism in the American and Chinese markets.

Commodities related to Latin American countries also show increases, with wheat, soybeans, and corn rising by around 1% approximately. The exception is oil, which experiences a slight decrease of 0.1%.

The most representative ETF of emerging markets, the iShares MSCI Emerging Index fund (EEM), maintains a 1.3% increase, indicating the general momentum of the day.

This index is approaching a key zone within a triangle pattern that it has been trading in since approximately 2022.

ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.

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LATAM stands firm on public holidays: Monday and Tuesday will not see relevant action

LATAM stands firm on public holidays: Monday and Tuesday will not see relevant action

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LATAM stands firm on public holidays: Monday and Tuesday will not see relevant action

LATAM stands firm on public holidays: Monday and Tuesday will not see relevant action

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