Brazil retail sales up in October, but pace of growth almost grinds to a halt

Brazilian retail sales rose in October for the sixth month in a row, official figures on Wednesday showed, although the pace of growth slowed to just 0.1%, suggesting the consumer started the fourth quarter on a cautious footing. That was below the 0.3% median increase forecast in a Reuters poll of economists, and the lowest month-on-month rise since May, figures from government statistics agency IBGE showed.

Read more

Source: Reuters

Brazil XP’s Valued at $14.9 Billion as IPO Tops Target Range

XP Inc., Brazil’s largest brokerage by equity-trading volume, raised $1.96 billion in its U.S. initial public offering, pricing its shares above the marketed range. The company and its existing shareholders sold 72.5 million shares Tuesday for $27 each after offering them for $22 to $25, according to a statement. That gives XP a market value of about $14.9 billion based on the outstanding shares.

Read more

Source: Bloomberg

U.S. Steel Tariffs on Argentina, Brazil Aren’t Settled, Says Trump Adviser

A top White House adviser cast doubt on President Trump’s statements last week that he intended to immediately place steel and aluminum tariffs on Argentina and Brazil. The White House is considering the action, Lawrence Kudlow, the director of the White House National Economic Council, said at The Wall Street Journal CEO Council meeting on Tuesday, but the U.S. might not move forward with the tariffs.

Read more

Source: WSJ