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Report published September 2, 2026

Goldman Sachs Research: LATAM Today – September 2, 2026

Source and citation context

Report date
September 2, 2026
Analysis as of
Not stated in source

Authors / editors: Alberto Ramos, Sergio Armella, Santiago Tellez, Panteleymon Semka

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Daily UpdateFXMacro Economic IndicatorsRates Govt BondsEnergyIndustrials

Goldman Sachs' daily LATAM update covers July/August macro data showing soft Brazilian industrial production and deepening PMI contraction, a widening 2Q Colombian current account deficit, unanchored inflation expectations in Mexico preventing rate cuts, and rising headline inflation in Peru driven by energy and tradables.

Key Takeaways

  • 1.Brazil's industrial activity rose just 0.17% mom sa in July (below 0.5% consensus), and manufacturing PMI sank further into contraction to 46.3 in August—the lowest in 40 months.
  • 2.Colombia's 2Q2026 current account deficit widened to US$4.7bn (3.5% of GDP), driven by trade deficits, while financial flows were impacted by the unwinding of total return swaps (TRS).
  • 3.In Mexico, unanchored inflation expectations and cost-push pressures leave no room for near-term rate cuts despite soft survey signals and firm remittances.

Table of Contents

  • BRAZIL: Soft Industrial Activity in Jul
  • Manufacturing PMI Moved Deeper Into Contractionary Territory; Moderating Input Cost/Price Pressures
  • COLOMBIA: Four-Year Wide Current Account Deficit in 2Q2026; Higher FDI Inflows; Financial Account Data Impacted by TRS
  • MEXICO: Firm Remittances' Flow in July; Purchasing Power Still Eroded by MXN Appreciation
  • Small 2027 Core Inflation Expectations Improvement; Uptick in 2026 Growth Outlook
  • Mixed Manufacturing and Soft Services PMI; Mixed Business Sentiment Signals
  • PERU: Energy and Tradables Drove Inflation Higher in August Though Services Slowed; Annual Headline Inflation Continues to Rise

Report data

LA-IT5 Headline Inflation - Simple Average

MetricEstimateContext
Brazil Industrial Production0.17 % mom saIndustrial production expanded 0.17% mom sa in July, below Bloomberg consensus of 0.5% mom sa.
Brazil Markit Manufacturing PMI46.3 index pointsMarkit Manufacturing PMI declined 1.1pt to 46.3 in August, reaching the lowest level in 40 months.
Colombia Current Account Deficit4.7 USD billionsCurrent account deficit stood at US$4.7bn (3.5% of GDP) in 2Q2026 vs US$2.5bn a year ago.
Mexico Workers' Remittances5.57 USD billionsRemittances reached US$5.57bn in July, up 3.0% yoy in USD terms.
Peru Lima Headline CPI Inflation4.44 % yoyLima headline inflation firmed by 37bp to 4.44% yoy, above the central bank's target band of 2% ± 1.0%.
Source: Bloomberg; Markit; Banco de México; INEI / Central Bank. This is a dated model snapshot, not a live forecast.

Reports in this series

LATAM Today is shown in chronological order through this edition, published on September 2, 2026.

Part of the LATAM Today series — view all 28 editions

Looking for the latest edition? LATAM Today September 9, 2026 (Sep 9, 2026)

  1. May 10LATAM Today May 8
  2. May 18LATAM Today May 18
  3. May 24LATAM Today May 22, 2026
  4. May 28LATAM Today May 28
  5. Jun 8LATAM Today June 8, 2026
  6. Jun 11LATAM Today June 11, 2026
  7. Jun 12LATAM Today June 12
  8. Jun 29LATAM Today June 29, 2026
  9. Jul 16LATAM Today July 16, 2026
  10. Jul 22LATAM Today July 22, 2026
  11. Jul 23LATAM Today July 23, 2026
  12. Jul 24LATAM Today July 24, 2026
  13. Jul 28LATAM Today July 28, 2026
  14. Jul 30LATAM Today July 30, 2026
  15. Aug 3LATAM Today August 3, 2026
  16. Aug 5LATAM Today August 5, 2026
  17. Aug 7LATAM Today August 7, 2026
  18. Aug 10LATAM Today August 10, 2026
  19. Aug 26LATAM Today August 26, 2026(1)
  20. Aug 27LATAM Today August 27, 2026
  21. Aug 28LATAM Today August 28, 2026
  22. Aug 31LATAM Today August 31, 2026
  23. Sep 1LATAM Today September 1, 2026

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Authors / Editors

Alberto RamosSergio ArmellaSantiago TellezPanteleymon Semka

Reported Data Context

  • Brazil Industrial Production: 0.17 % mom sa (2026-07) · Source: Bloomberg
  • Brazil Markit Manufacturing PMI: 46.3 index points (2026-08) · Source: Markit
  • Colombia Current Account Deficit: 4.7 USD billions (2Q2026) · Source: Bloomberg
  • Mexico Workers' Remittances: 5.57 USD billions (2026-07) · Source: Banco de México
  • Peru Lima Headline CPI Inflation: 4.44 % yoy (2026-08) · Source: INEI / Central Bank

Securities

Colombia TES Bonds

Themes

LATAM Macroeconomic Activity & Industrial SlowdownPersistent Inflation and Central Bank Reaction Functions in LATAM

Regions

Latin AmericaBrazilColombiaMexico

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Goldman SachsDaily UpdateMacro Economic IndicatorsRates Govt Bonds

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