Encouraging data from a COVID-19 vaccine trial by U.S. drugmaker Moderna added to the optimism, bolstering Wall Street's rally. Despite worrying rises in the number of new cases in emerging markets, especially Brazil, and simmering U.S.-China trade tensions, an index of Latam stocks jumped 4.3%. Currencies of oil exporters Brazil, Mexico and Colombia firmed between 1.3% and 1.5%, with the Mexican peso touching a more than four-week high.
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Petrobras has warned its shareholders that the coronavirus pandemic could leave a permanent mark on the global economy, including on consumer behaviors, as it reported a first-quarter loss and massive writeoffs on assets that have stopped being economical
Petrobras (PBR) generated positive free cash flow for the 20th consecutive quarter, with the metric surging to $5,911 million from $3,132 million recorded in last year's corresponding period.
Brazil's Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to book a first-quarter net loss of 48.5 billion reais. Total impairments came to 57.6 billion reais for its deepwater assets, including the massive Marlim Sul oilfield, and 6.6 billion reais at its shallow-water fields.
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Norway's Equinor ASA
Norway's Equinor ASA, Brazil's Dommo Energia SA and Anglo-French firm Perenco are among at least six oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC and Brazil's Enauta Participacoes SA have registered one case each. Hundreds of cases have been recorded at oilfields operated by state-run Petrobras.
* Mexican peso hits highest since mid-April * Colombian peso at 10-week high, Chilean peso hits 11-week high * Stocks rally on hopes of strong first half in 2021 * Negotiators with creditors may extend beyond May 22 - Argentina By Susan Mathew May 20 (Reuters) - A rally in commodity prices lifted Latin American stocks and currencies on Wednesday, with Mexico's peso hitting a five-week high, as markets looked to a strong post-pandemic recovery. In line with a rally on Wall Street, most regional bourses traded between 0.% and 1.7% higher, although Mexican stocks extended losses after posting their worst session in almost two months on Tuesday as new rules for the electricity sector increased tensions between the private sector and government.
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* Mexican peso hits highest since mid-April * Colombian peso at 10-week high, Chilean peso hits 11-week high * Stocks rally on hopes of strong first half in 2021 * Negotiators with creditors may extend beyond May 22 - Argentina (Adds comments, updates prices) By Shreyashi Sanyal and Susan Mathew May 20 (Reuters) - Latin American stocks and currencies were lifted by a rise in commodity prices on Wednesday, with the Mexican peso hitting a five-week high, as markets looked to a strong post-pandemic recovery. Brazilian airline Azul shot up 13% on plans to increase daily flights by 46% in June compared with May. Other major gainers were oil giant Petrobras and iron ore miner Vale.
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Brazil's centre-south region produced 2.5 million tonnes of sugar in the first half of May, up 55% from a year earlier, as mills continued to favor sweetener production over ethanol. According to industry group Unica, mills allocated 47.2% of the cane to sugar production in the period, versus 36% a year earlier. Unica's technical director Antonio de Padua Rodrigues said ethanol has been priced competitively in the market, which has allowed the biofuel to gain share from gasoline at pumps.
COVID-19 cases are skyrocketing in Brazil, and the country’s oil industry is getting pummelled as a result
(Bloomberg) -- Petrobras, the Brazilian sate-controlled oil producer, posted a 65 billion-real ($11 billion) impairment in the first quarter after revising down its outlook for crude prices.Even without the impairment, Petrobras reported a loss in the quarter on lower oil prices and the devaluation of Brazil’s real, the worst-performing major currency this year.Petrobras’ Ebitda, which excludes the devaluation, was ahead of expectations at 37.50 billion reais.While low oil prices have battered the entire industry, Petrobras has benefited from rebounding oil demand in China that helped bring total exports to a record in April. Since then, there are signs Petrobras is getting better prices for its crude from Chinese refiners as OPEC production cuts offer support.Petrobras said its divestment program remains intact, even though it may be delayed. It said it expects to close some refinery sales before the end of the year.A 3.8% drop in production in the quarter was from the least profitable fields, and output has rebounded in April.For more, click hereFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Brazil's investors were ebullient today. Shares of Brazilian stocks of all sorts shot out of the gate Tuesday morning along with the broader market, with financial firms Banco Bradesco (NYSE: BBD) and Itau Unibanco (NYSE: ITUB), meat processor BRF (NYSE: BRFS), and oil major Petroleo Brasileiro (NYSE: PBR) (NYSE: PBR.A) all notching gains of roughly 10% or more in early trading.
North American midstream companies Enbridge (ENB) and TC Energy (TRP) reported better-than-expected Q1 bottom line numbers, while Brazil's Petrobras (PBR) missed earnings estimate.
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* Brazilian real leads gains among Latam peers * Mexican peso hits more than four-week high * Argentine peso touches fresh low against dollar (Adds comments, updates prices) By Shreyashi Sanyal and Susan Mathew May 18 (Reuters) - Latin American assets roared higher on Monday, with Brazil's real jumping as commodity prices surged on hopes of economic recovery as countries eased pandemic-induced lockdowns. Encouraging data from a COVID-19 vaccine trial by U.S. drugmaker Moderna added to the optimism, bolstering Wall Street's rally. Brazil's real added 2.2%, while currencies of other oil exporters Mexico and Colombia firmed between 1% and 1.7%, with the Mexican peso touching a more than four-week high.
Some positive news about a possible COVID-19 vaccine as well as signs of the market tightening has caused oil to rally above $30