LatAm Trading Catalysts: GDP & inflation in BZ, final week of earnings, BZ steel quotas, USMCA review

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LatAm Trading Catalysts: GDP & inflation in BZ, final week of earnings, BZ steel quotas, USMCA review

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LatAm Trading Catalysts

GDP & inflation in BZ, final week of

earnings, BZ steel quotas, USMCA review

Investment Strategy

Economics: inflation & GDP in Brazil and US 24 May 2026

Focus this week in Brazil is on 1Q26 GDP (Fri) and mid-May inflation (Wed). We expect Investment Strategy

GDP to grow 0.9% qoqsa (from 0.1% in 4Q25), mainly driven by agriculture. On inflation, Latin America

we expect IPCA-15 to decelerate to 0.63% mom (from 0.89%), reflecting fuel price

Equity Strategy

declines after the initial pass-through of the oil shock. In Mexico, the Central Bank Paula Andrea Soto, CFA >>

Inflation Report will be released on Wednesday. Chile releases retail sales (Fri), Colombia LatAmMerrill EquityLynch (Brazil)Strategist

releases u-rate (Fri). In the US, attention turns to PCE inflation and 1Q26 GDP. +55 11 2188 4226

paula.soto@bofa.com

David Beker >>Equity Strategy: investor mood deteriorates at the margin Bz Econ/FI & LatAm EQ Strategy

Foreign investors have turned more negative on LatAm. Main concerns are higher global Merrill Lynch (Brazil)

+55 11 2188 4371

yields, rising local political uncertainty, and inflation risks limiting easing cycles in the david.beker@bofa.com

region. A few weeks ago, clients were waiting for the war to end to deploy additional Mateus Conceicao >>

risk in LatAm. Now, the question is whether they need to further reduce exposure to the LatAm Equity Strategist

Merrill Lynch (Brazil)

region. For more details, see the report, The LatAm Feedbeker. +55 11 2188 4201

mateus.conceicao@bofa.com

Final week of the 1Q26 earnings season in LatAm Anna Clara Malheiros >>

LatAm Equity Strategist