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In This List

Bolsonaro leads in 1st round of Brazil vote; World Bank cuts LatAm GDP forecast

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

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Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Bolsonaro leads in 1st round of Brazil vote; World Bank cuts LatAm GDP forecast

* Jair Bolsonaro and Fernando Haddad will battle it out in the runoff presidential elections in Brazil on Oct. 28. Bolsonaro garnered 46% of the votes while Haddad came in second, with 29% in the first round of voting on Oct. 7.

* The World Bank lowered its 2018 economic growth forecast for Latin America to 0.6% from its previous estimate of 1.7%, as well as the forecast for 2019 to 1.6% from 2.3% previously, "mainly due to growth in South America coming to a screeching halt in 2018." In particular, Argentina and Venezuela's economies are expected to contract 2.5% and 18.2% respectively, in 2018. Meanwhile, Brazil's GDP growth is only forecast to hit 1.2% this year.

MEXICO AND CENTRAL AMERICA

* Landslides and flooding caused by torrential rains killed at least 12 people across Honduras, Nicaragua, El Salvador, Costa Rica and Guatemala, Reuters reported.

* The free trade agreement with the US and Canada will allow Mexican banks to have their databases in these countries, always under national supervision and regulation, Bernardo González, president of the securities market regulator CNBV, told El Financiero.

CARIBBEAN

* At least 14 people died in a magnitude 5.9 quake near Port-de-Paix in northern Haiti, Reuters reported. This is the strongest earthquake to have hit the country since the 2010 tremor near the capital Port-au-Prince which killed tens of thousands of people.

BRAZIL

* Brazilian private equity hedge funds Pátria Investimentos Ltda, Kinea Investimentos Ltda. and Vinci Capital Gestora de Recursos Ltda. are delaying the closure of international fundraising until the end of the elections, Valor Econômico reported.

* While Brazil has the most number of financial startups in Latin America at 404, these startups have problems receiving financing in the face of political uncertainty and untested business models, Diário Comérico Indústria & Serviços reported, citing a report by Moody's.

* The financial volume of mergers and acquisitions in the Brazilian market in the third quarter totaled 28.6 billion reais, 52.68% less than the previous year, Diário Comércio Indústria & Serviços reported, citing a report by Transactional Track Record. The number of transactions in the quarter dropped 18% to 263.

SOUTHERN CONE

* Fitch Ratings revised its outlook on Uruguay to negative from stable, citing the country's persistent fiscal deficits and its high and rising debt burden. Fitch forecasts Uruguay's central government deficit will grow to 3.1% of GDP in 2018 and 3.6% in 2019, from 3.0% in 2017.

* Chilena Consolidada Seguros de Vida SA will offer 120,176,831 new shares, worth 1,156.35 Chilean pesos each, to current shareholders in its preference option on Oct. 11. The move will increase its share capital by around 138.97 billion pesos.

* Banco Santander Chile said they see the perpetual bonds included in the new banking law as "attractive" since it would allow them to optimize costs, Diario Financiero reported. Likewise, the entity described the increase in capital requirements imposed by the new law as "positive for [its] ratios."

* After 128 years of operation, the Chilean markets commission CMF ordered the closure of the country's oldest bourse, the Valparaíso Stock Exchange, starting today because it lacked the minimum number of brokers required by law, Diario Financiero reported.

* Segismundo Schulin-Zeuthen, president of the Chilean banking association Abif, said that the integration of banking regulator SBIF with the markets commission CMF should take place sooner, La Tercera reported. Under the new banking law, the fusion of the two agencies should take place 12 months, while the regulations should be in place in 18 months.

PAN LATIN AMERICA

* Brazilian securities market regulator CVM is in talks with its Argentine counterpart, the CNV, over the creation of a "regional passport" for investment funds that allows the distribution of products in both markets, Valor Econômico reported. The two countries are expected to sign an agreement before year-end.

IN OTHER PARTS OF THE WORLD

* Asia-Pacific: China cuts reserve ratio; Axis Bank stake sale delayed; India holds rates steady

* Middle East & Africa: South Africa minister faces pressure to resign; S&P lowers outlook on Morocco

* Europe: Lloyds, Schroders in wealth tie-up talks; Monte dei Paschi selling Belgian unit

Pablo Jiménez Arandia contributed to this article.

The Daily Dose has an editorial deadline of 8:00 a.m. São Paulo time, and scans news sources published in English, Portuguese and Spanish. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.