Fiscal reforms proposed by Brazil’s president this week are a step in the right direction, but the good news already seems to be priced. Indeed, markets took their cue from a failed oil auction, supporting our view that the outperformance of the country’s assets over the past year is coming to an end. Elsewhere, Chilean protests appear to be easing, but disruptions to the economy in October have prompted us to revise down our 2020 growth forecast. And in Argentina, comments from the IMF provide further hints that president-elect Alberto Fernández has little appetite for aggressive austerity.
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