J.P. Morgan LatAm FTM 3 Jul 26 Brazil Beer Price Check; Global Data Watch; Mexico Equity Strategy; Embraer; Natura and More

研报英文原文证据摘录

J.P. Morgan LatAm FTM 3 Jul 26 Brazil Beer Price Check; Global Data Watch; Mexico Equity Strategy; Embraer; Natura and More

Latin America Equity Research

LatAm First to Market 03 July 2026

Top Stories

Brazil Beer Price Check (Lucas Ferreira)

Jun-26: Closing 2Q26 with Prices Back on Track

Our monthly Brazil Beer Price Check examines data from both the on-premise channel (BEES) and the off-premise channel

(Zé Delivery and Infoprice), with over 1 million data-driven prices collected. Detailed pricing breakdowns are available in the

enclosed charts and tables; the full database is available upon request.

Global Data Watch (Bruce Kasman)

Which supply side are you on?

• June reports disappoint but we contiue to raise 2H26 growth forecasts

• Fed’s supply-side optimism is challenged by labor supply weakness

• Japanese policy boosts growth but threatens financial stability

• Next week: Composite PMI stable; RBNZ hikes; BoI eases

Mexico Equity Strategy (Adrian E Huerta)

USMCA: US Declines Renewal, But Mexico’s Trade Advantage Remains in Place

The U.S. declined to renew the USMCA in its current form at the July 1 joint review, moving the agreement into an

annual review process while keeping the treaty fully in force. Importantly, this is not a termination event and does not imply

any immediate changes to existing trade rules, tariffs, or market access. Rather, it introduces a period of heightened policy

uncertainty for North American supply chains as negotiations continue around rules of origin, transshipment controls, tariff

alignment, and other sector-specific issues. While the decision may renew concerns around nearshoring, manufacturing

investment, and export-oriented sectors, we view the fact that the U.S. remains committed to negotiating within the USMCA