Goal! Seems like that is what local markets will be hoping to hear this week, and this time also in Panama that starts Monday with its first-ever World Cup appearance.
Tuesday, while Colombia takes the pitch against Japan, we will see whether Argentina’s GDP change in the first quarter of 2018 will mimic the 3.9% growth during the last three months of 2017. But for many Argentines, inflation numbers may overshadow activity as May’s basic food basket price change will be made public as well.
Life goes on for Brazil’s monetary policy committee which will meet Tuesday and Wednesday to decide on the interest rate benchmark Selic, but COPOM members and markets can first watch Uruguay’s match on Wednesday morning.
On Thursday, Peru will have its second World Cup match after a 36-year absence, and Argentina plays in the afternoon, after the country’s retail sales in April and unemployment levels for the first quarter of 2018 are released, while Mexico central bankers will hold their monetary policy meeting.
Mexico closes the week with April’s Economic Activity Index, which had shown a contraction in March, while Brazilians will face Costa Rica in Russia.
Why so many matches mixed in with economic indicators? Well, it is Latin America, where economic activity almost comes to a halt in each country when the national squad hits the turf.
The securities commission in Brazil, CVM, has special operating hours for game days as do banks. The Argentine central bank launched a commemorative coin, in Peru the president announced that games would be broadcast on state TV, and in Panama City a liquor law was temporarily suspended to allow alcoholic beverage sales earlier on the days the national team will defend the country’s colors.
Well, not all economic activity stops. Beer sales are expected to rise and the Brazilian consumer protection bureau SPC calculates World Cup fans will add some BRL30b to the economy, mostly in food and beverage consumption.