The Point For Latin America

This report covers corporate and macro updates in Latin America, focusing on major investments by MercadoLibre, consumer demand dynamics in Brazil, and regional market positioning. It also discusses global macro themes including commodity price pressures and risk sentiment shifts.

Key Takeaways

• 1.MercadoLibre plans $4.6bn investment in Mexico for 2026, representing a 35% YoY increase.
• 2.Ambev reports meaningful share recovery in Brazil beer, with value share up 126bps YoY in April 2026.
• 3.Global risk sentiment shifted from 'yellow to red', though positive trends for risk assets remain.

Table of Contents

• Company
• LATAM Airlines (LTM) - May Traffic: Still Mixed, Softer Loads Despite Still Strong Capacity Growth
• GAP Airports (GAPB.MX) - May'26: Another weak traffic print, but showing sequential improvements; keep Neutral rating
• ASUR Airports (ASURB.MX) - Weak Mexico / Puerto Rico driven by international traffic; QTD traffic in line*
• Transportadora de Gas del Sur SA (TGS.N) - One (big) step closer to Liquids FID. Keep Buy/HR rating
• Loma Negra (LOMA.N) - May Cement Sales Improve Sequentially, But Downside to Our Q2 Remains
• Ecorodovias (ECOR3.SA) - May Traffic: Continued Strength, Still Outpacing our 2Q Forecast
• Magazine Luiza (MGLU3.SA) - Four Insights from MGLU's New Partnership with AMZ
• Industry
• Latin America Food Manufacturers - SECEX May-26. Beef Spreads Inflect as China Pricing Up, Cattle Eases
• Latin America Airlines - Weekly Capacity Scheduling Tracker (June-5)
• Global
• Global FX Strategy - Our risk sentiment goes from "yellow to red"
• Metal Matters - Gold below its 200-day moving average for the first time in nearly 3 years
• Metal Matters - We remain bullish lithium
• Global Commodities - Sell-off in agricultural sector triggered our stop for agriculture hedge
• Equity Markets Positioning Model - Cleaner but Still Extended
• Global Emerging Markets Strategy - Takeaways from the Global EM Conference in London
• Global Gold - Marking-to-market gold exposure
• Global Shipping - Weekly