Edgewater Markets announced that top tier bank Banco del Estado de Chile has gone live on Edgewater’s new trading platform, leveraging Edgewater Markets software, EdgeFXLatam. The platform provides Banco del Estado de Chile with customized branded solution for its clients, traders and sales teams, while preserving internal workflows, algorithms and hedging strategies.
Category: Macroeconomy/Finance
Information regarding Chile’s finance sector and the country’s macroeconomy.
Banco Santander-Chile Shares up 5.7%
Shares of Banco Santander-Chile shot up 5.7% during mid-day trading on Wednesday. The company traded as high as $14.92 and last traded at $14.91. 335,246 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 514,716 shares. JPMorgan Chase & Co. upgraded shares of Banco Santander-Chile from a “neutral” to an “overweight” rating. TheStreet downgraded shares of Banco Santander-Chile from a “c” to a “d+” rating. Zacks Investment Research downgraded shares of Banco Santander-Chile from a “hold” to a “sell” rating.
Copper rises to $7,000 a tonne for the first time since June 2018
Copper rose to $7,000 a tonne for the first time since June 2018, helped by hopes of a US stimulus deal, strikes at Chile's mines, expectations of a healthy demand in China and a strengthened yuan.
Fitch downgrades Metro’s & EFE’s Foreign Currency IDR to A-
Fitch Ratings has downgraded the Long-Term Foreign Currency Issuer Default Rating from A to A- for Empresa de Transporte de Pasajeros Metro S.A. (Metro) Chile and Empresa de los Ferrocarriles del Estado de Chile (EFE).
Study in Chile reveals slight pessimism among foreign investors
A study promoted by the Universidad del Desarrollo revealed that foreign investor confidence in Chile is in a "neutral" position, combining a slight pessimism about the current economic and business situation with a slight optimism about the state of affairs three months from now.
Chile’s pension funds join global gold ETP rush
Chilean pension funds have been given the go-ahead by the country’s financial regulator to invest in gold exchange traded products for the first time. The relaxation is part of a brace of reforms in Latin America, alongside Brazil’s decision to allow cross listings of overseas exchange traded funds in the form of depositary receipts, that could help breathe new life into the region’s stuttering ETF industry.
Meeting decarbonization goals by 2050 would add $31bn to Chile’s economy
Last April, the Government presented to the UN Climate Change the update of the Nationally Determined Contributions (NDC) to comply with the Paris Agreement, where the main goal is to reduce emissions until achieving carbon neutrality by 2050. In this context, the World Bank prepared a study to analyze the macroeconomic effects of the implementation of the decarbonization plan, which concludes that meeting the goal will allow Chile to increase the level of potential Gross Domestic Product (GDP) by 4.4%, which would mean adding $31 billion to the economy.
Fitch downgrades Chile’s Ratings to A-
Fitch Ratings has downgraded Chile's Long-Term Foreign-Currency Issuer Default Rating from 'A- to 'A-' and revised its Outlook to Stable from Negative. Fitch Ratings has also lowered Chile's LT Local Currency IDR from 'A+' to 'A-' and revised its Outlook to Stable from Negative.
AquaChile seeks financial restructure after $245 mn capital increase
AquaChile has called an extraordinary shareholders meeting for 29 October to vote on a $245 million capital increase and to realign the financial structure to incorporate companies acquired in 2018. Chile’s salmon sector saw significant consolidation in 2018, with national food giant Agrosuper buying 67% of AquaChile in an $850 million deal. The same day that deal was announced, AquaChile acquired Salmones Magallanes and Pesquera Eden for $255 million.
Chile’s Central Bank keeps benchmark interest rate unchanged at 0.5%
Chile's central bank kept its benchmark interest rate steady at 0.5% as the country maintains its efforts to revive the economy following the coronavirus pandemic. A central bank poll of traders last week predicted Chile's rate, its lowest in a decade, would remain unchanged for the next year at least.
