Citi
May 12, 2026
The Point for Latin America
Market ReportEquitiesMacro Economic IndicatorsFXFinancialsIndustrials
A daily briefing on Latin American markets focusing on selective opportunities in Mexican banking, Brazilian protein exports, and airline profitability despite fuel headwinds.
Key Takeaways
- 1.Mexican banks are entering a selective phase with widening performance dispersion; Banorte and Gentera are top picks due to ROE and balance sheet strength.
- 2.The Trump administration's suspension of US beef tariff-rate quotas provides a significant export lifeline for Brazilian protein exporters like Minerva and JBS.
- 3.Global manufacturing activity is firming (PMI 52.6) driven by AI demand, though input costs are rising due to Middle East disruptions.
Table of Contents
- Top Call
- Company
- Industry
- Global
- Key Rating and Target Price Changes
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Authors
Gustavo SchrodenBrian FloresFilipe Nielsen
Securities
BanorteLTMBPAC11.SA
Themes
Operational Efficiency over Headline GrowthSelective Positioning in Latin American Banks
Regions
Latin AmericaBrazilMexicoColombia