Argentina's Banco Macro saw net profit rise 59% in the third quarter from a year before to 2.598 billion Argentinean pesos (US$ 148.15 million).
The bank's net financial income reached 6.026 billion pesos in the third quarter, up 52% from the same period in the previous year. Total financing to the private sector grew by 54%.
The accumulated efficiency ratio reached 43.3%, lower than the 45% posted in the second quarter of this year and the 47% in the third quarter of 2016. Net fee income over administrative expenses was 58%, higher than the 53.6% registered in 3Q16.
Total deposits grew 10% in the third quarter compared to the second quarter to 136.6 billion pesos. Private sector deposits were up 6%.
Banco Macro had an excess capital of 31.5 billion pesos in the third quarter and a 25.8% regulatory capital ratio as set in Basel III.Read More →

Mexico's National Producer Price Index, which excludes oil prices, posted a 5.27% annual increase in October, accelerating when compared to the 4.50% advance posted in September on the same basis of comparison, said the country's statistics office.
In the monthly comparison, the Mexican PPI increased by 0.94% in October, after a 0.14% rise in September.
The monthly result was primarily driven by an increase in prices of manufacturing (+1.51%) and services (+0.41%) activities, while primary activities fell by 2.01%.Read More →

EUR/GBP: consolidates the bid as Sterling bulls play catch up EUR/GBP stabilising as GBP catches up on the bid on dollar weakness. GBP politics concerning but less so to NY traders. EUR/GBP is consolidating the bid while the US tax plan takes centre stage yet again and sends the dollar lower across the board on the possibility of delays in the corporation tax breaks until 2019. Currently, EUR/GBP is trading at 0.8850, up 0.11% on the day, having posted a daily high at 0.8880 and low at 0.8824.
Senate tax plan meets $1.5 trillion federal deficit ceiling for tax legislation – Reuters
Meanwhile, and domestically, the pound had been struggling to keep up with its peers who were improving broadly against the USD. “Grounds for softness reside in the mounting political problems for PM May, with events undermining her authority just as the government restarts Brexit talks. EU forecasts suggest that UK economic growth will slow in 2018 (to 1.3%, from 1.8% this year), even if the UK’s trade re..Read More →

Market wrap: concerns that corporate tax cuts would be significantly delayed – Westpac Analysts at Westpac offered a market wrap.
Key Quotes:
“Global market sentiment: US equities fell amid concerns that corporate tax cuts would be significantly delayed. The S&P500 is down 0.9%, and US bond yields and the US dollar are also lower.
Interest rates: US 10yr treasury yields initially rose to 2.35%, but fell to 2.31% following reports that tax cuts could be delayed until 2019. 2yr yields initially rose to 1.66% – a fresh high since Oct 2008 – before retreating to 1.63%. Fed fund futures yields continued to price the chance of a December rate hike at 97%.
Currencies: The US dollar index is down 0.4% on the day. EUR rose from 1.1600 to 1.1655. Safe-havens yen and Swiss franc outperformed, USD/JPY falling from 114.00 to 113.09. AUD was hurt by the decline in equities, falling from 0.7694 to 0.7650 but partly recovering to 0.7680. The NZD was the day’s underperformer, despite the small hawk..Read More →

Bitcoin loses nearly $300 on the day, continues to float above $7000 Bitcoin drops as the hard-fork gets canceled. $8000 becomes the next critical resistance. Following another record-setting rally on Wednesday, the BTC/USD pair lost its momentum on Thursday and lost nearly 4%, or $300, on the day. As of writing, the pair is trading at $7170 and looking to end the day lower for the second time this week.
Mike Belshe, the CEO and co-founder of bitcoin wallet software provider BitGo, sent out an e-mail explaining the recent decision to suspend the upcoming hard-fork, which has been fueling the cryptocurrency's rally since the start of the month. “Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x,” Belshe noted.
Since the start of the week, the BTC/USD pair's price action had been e..Read More →

US Dollar looks to close day at weekly lows as tax proposal's details unveil Greenback weakens against rivals, pushes DXY down to a fresh weekly low. US 10-year T-bond yield erases the majority of daily gains. US stocks on track to end the day with large losses. Following a modest recovery in the early NA session, the US Dollar Index, which tracks the greenback against a basket of six trade-weighted peers, turned south and eased to its lowest level in a week at 94.31 as the greenback weakened against its rivals amid a possible delay to the highly anticipated corporate tax reduction. At the moment, the index is at 94.36, losing 0.43% on the day.
Tax legislation to pass in 2017?
Although the Senate tax plan is aiming to cut the corporate tax rate to 20% from 35%, like the House version, it proposes to delay it by one year to 2019 in order to ease the burden on the federal debt. The initial market reaction put the greenback under a broad-based selling pressure as this development h..Read More →