LatAm Trading Catalysts: BZ toll road concession renegotiation, MX earnings & key macro prints

Research evidence excerpt

LatAm Trading Catalysts: BZ toll road concession renegotiation, MX earnings & key macro prints

Accessible version

LatAm Trading Catalysts

BZ toll road concession renegotiation, MX

earnings & key macro prints

Investment Strategy

Brazil politics back on the radar 20 July 2026

With the World Cup behind us, attention turns back to politics and macro data across Investment Strategy

LatAm. In Brazil, Congress remains in recess until July 31. Political attention will focus on Latin America

the PL (Brazil’s main right-wing party) convention on July 25, when Flávio Bolsonaro is Equity Strategy

expected to be formally nominated as the party’s presidential candidate. On the macro Paula Andrea Soto, CFA >>

front, key releases include Mexico’s economic activity data and unemployment rate, as LatAmMerrill LynchEquity (Brazil)Strategist

well as activity indicators in Argentina and Colombia (more details on Exhibit 1). +55 11 2188 4226

paula.soto@bofa.com

>>Mexican banks: better loan growth, modest NI DavidBz Econ/FIBeker& LatAm EQ Strategy

Mexico’s 2Q earnings season starts this week. Within financials, Banorte, BMV and Merrill Lynch (Brazil)

Qualitas report on Tuesday, followed by Gentera and Inbursa on Wednesday. Our analyst +55david.beker@bofa.com11 2188 4371

Ernesto Gabilondo expects modest earnings growth for Banorte, broadly in line with Carlos Peyrelongue >>

expectations, while Gentera should report results broadly in line, helping ease recent Mex Eq Strat/Research Analyst

Merrill Lynch (Mexico)

concerns around earnings. Risks are skewed to the downside for BMV (higher costs), +52 55 5201 3276

Qualitas (weaker premium growth) and Inbursa (softer revenues and higher provisions). carlos.peyrelongue@bofa.com

See our Banks – Mexico report. Mateus Conceicao >>