A 40-year-old woman in Panama has tested positive for coronavirus, the country's health minister said on Monday. The patient is a Panamanian woman who had returned Sunday from Madrid. While only a few dozen cases have been confirmed in Latin America, the epidemic is growing in Europe. Spain is among four European countries with more than 1,000 cases each.
Panama's Health Minister Rosario Turner said Monday the 40-year-old woman's positive test was confirmed at the Instituto Conmemorativo Gorgas. The woman is isolated at home and will receive daily visits from health workers.
The virus that causes the COVID-19 illness has also been confirmed in the Caribbean, Brazil, Mexico, Ecuador, the Dominican Republic, Guadeloupe, Martinique, Argentina, Peru, Costa Rica, Chile and Argentina, where there has been one death.
Mexico’s currency commission will increase a non-deliverable forward hedge program to a maximum of $30 billion from $20 billion.
The commission comprised of Banco de Mexico and the Finance Ministry moved to support the currency after the peso posted its worst daily drop since Donald Trump’s election in 2016. The Mexican peso trimmed losses after the commission’s announcement.
The peso slide followed a collapse in global oil prices as the OPEC+ alliance disintegrated into a price war over crude. That along with fears over the spread of the coronavirus put pressure on Mexican assets on Monday.
Oil prices surged higher on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible.
Speaking to reporters Tuesday, Russian Energy Minister Alexander Novak said that Moscow had not ruled out measures with OPEC to stabilize oil markets, according to Interfax news agency.
Russia’s energy ministry has proposed to hold a meeting with Russian oil companies on Wednesday, Reuters reported, citing two unnamed sources.
International benchmark Brent crude gained $3.41, or 9.9%, to trade at $37.73 per barrel, while U.S. West Texas Intermediate futures were up 9.5% to trade at $34.08 per barrel. Earlier in the session WTI surged more than 10%.
Prices rebounded following Monday’s plunge, which saw WTI and Brent drop 24% for their worst decline since 1991.
Treasury yields soared from record lows as investors flocked to the stock market following its worst day since the financial crisis.
The yield on the benchmark 10-year Treasury note jumped 22 basis points to around 0.722%, the biggest gain since July 2013. The benchmark rate tanked to a record low of 0.318% on Monday. The yield on the 30-year Treasury bond also climbed back above 1%, last trading at 1.222%.
Stock futures pointed to sharp gains at the open Tuesday with the Dow Jones Industrial Average set to soar more than 1,000 points. S&P 500 futures were up 5% earlier in the session, reaching their upside limit.
The market suffered a historic sell-off in the previous session, with the Dow and the S&P 500 plunging 7.8% and 7.6%, respectively, both posting their worst day since 2008. Investors crowded into Treasurys for safety, pushing yields to record lows.
The rally in stock futures came after President Donald Trump floated the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month to aid the US’ response to the virus.
Jamaica Producers Group Limited reported audited profits attributable to shareholders of $1.20Bn (EPS: 107.32 ¢) for the year ended December 31, 2019, representing a 47.7% (or $388.72Mn) improvement when compared to the corresponding period in 2018.
The main contributor to this performance was a 57.6% increase in revenues coupled with a 126.5% increase in other income
Jamaica Producers Group Limited stock price has fallen by 22.8% since the start of the calendar year, and closed Wednesday’s trading session at $21.03. The stock currently trades at a P/E of 19.6x earnings, which is above the Main Market Conglomerate Sector Average of 15.7x.
For the year ended December 31, 2019, Stationery and Office Supplies Limited reported audited net profit of $134.56Mn (EPS:54¢), up by 46.8% (or $42.89Mn) relative to the same period one year prior.
This performance was driven by a 14.4% (or $153.62) increase in revenues— which outstripped the 58.7% (or $57.71Mn) increase in total expenses—coupled with a 254.6% (or $0.78Mn) increase in finance income.
The stock has fallen by 11.98% since the beginning of the calendar year. SOS closed Wednesday’s trading session at $9.70 and currently trades at a P/E of 18.0x earnings which is below The Junior Market Distribution Sector Average of 21.6x earnings.
A sell-off in global financial markets, spurred by concerns over the economic impact of Covid-19 (coronavirus), will continue to batter Latin American assets over the coming weeks as investors’ risk appetites weaken.
Fitch sees rising risks that the sell-off in Latin American currencies leading to a spike in inflation, potentially prompting central banks across the region to tighten monetary policy despite slowing growth.
There is also additional downside risk should the virus continue to spread, particularly given reports of the first confirmed cases of Covid-19 in Latin America.
Fitch Ratings has affirmed the Caribbean Development Bank's (CDB) Long-Term Issuer Default Rating (IDR) at 'AA+' with a Stable Outlook.
CDB's 'AA+' Long-Term IDR reflects the bank's intrinsic credit profile, underpinned by liquidity and solvency assessments of 'aaa' and 'aa+', respectively. The Stable Outlook reflects Fitch's view that the bank will maintain excellent capitalization levels and liquidity buffers over the current strategic period (2020-2024).
Developments that could, individually or collectively, trigger positive rating action are: A material improvement in concentration risk or asset quality metrics, potentially driven by greater exposure to higher rated borrowers.
Conversely, developments that, individually or collectively, could trigger negative rating action are: Increased concentration risk as evidenced by greater exposure to the bank's largest borrowers, including Barbados. A breach of PCS on its sovereign exposures or an increase in the bank's risk profile driven by higher non-sovereign exposures. Deterioration of the bank's business environment as a result of significant credit quality deterioration in the bank's countries of operations.
OPEC has agreed to impose a deeper round of production cuts in order to support oil prices, paving the way for crunch talks with non-OPEC leader Russia, who still has to agree to the plan.
The 14-member group, led by Saudi Arabia, decided on Thursday to cut production by 1.5 million barrels per day (bpd) through the second quarter of the year to alleviate downward pressure on oil prices.
International benchmark Brent crude traded at $51.33 Thursday morning, up around 0.4%, while U.S. West Texas Intermediate (WTI) stood at $47.11, around 0.7% higher.
The IMF is making available about $50 billion through its rapid-disbursing emergency financing facilities or low income and emerging market countries that could potentially seek support. Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility.
There is also the Catastrophe Containment and Relief Trust – the CCRT – which provides eligible countries with up-front grants for relief on IMF debt service falling due.
The CCRT proved to be effective during the 2014 Ebola outbreak, but is now underfunded with just over $200 million available against possible needs of over $1 billion. Member countries were called on to ensure that this facility is fully re-charged and ready for the current crisis.
