LatAm Pre-Open — Thursday, September 24, 2026

Source: market close, 23 September 2026.

01 The overnight tape in one read

Asian equities held their ground, with Japan’s Nikkei 225 up 1.38 per cent and Hong Kong’s Hang Seng up 1.01 per cent, according to CNN’s premarket feed. The gains came despite a quiet day in China, where the Mid-Autumn Festival kept mainland markets closed.

US futures tell a different story. Dow futures were down 0.19 per cent, S&P 500 futures down 0.07 per cent and Nasdaq futures down 1.13 per cent, pointing to a subdued start on Wall Street.

In commodities, oil remains the bright spot for Latin American exporters. WTI crude traded at US$90.60 a barrel, while Brent, the global benchmark, held above US$100 at US$100.14, both edging higher.

The dollar index strengthened, and that matters for the region. A firmer dollar tends to pull capital away from emerging markets, and the currency board shows the real, the Mexican peso and the Chilean peso all on the back foot.

02 The board before the open

The table shows a classic dollar-strength tape. The Chilean peso is the weakest of the regional currencies overnight, while the real and the Mexican peso are not far behind.

Gold’s sharp decline of 1.72 per cent confirms the dollar is the story — when the US currency gains, dollar-priced assets like gold tend to suffer. Silver fell even harder, down 4.58 per cent.

03 What the data shows — a split board with energy defending

The B3 scan shows a market that rewarded energy and consumer names while punishing specific stories. Petrobras preferred shares, the most-traded instrument in the session with R$2.16 billion in volume, rose 2.6 per cent as oil strength provided a tailwind.

Cosan, the sugar-and-energy holding company, jumped 4.0 per cent, the best gainer on the board. On the downside, Braskem fell 0.7 per cent on very thin turnover of just R$19 million, suggesting position-specific selling rather than a broad shift.

04 Brazil and the currencies

Brazil’s real is under pressure, and the currency board shows the dollar at 5.1703 reais, up 1.36 per cent on the session. That matters because a weaker real feeds imported inflation — exactly what the central bank does not need right now.

The Selic, Brazil’s benchmark interest rate, is the policy lever to watch. The IPCA-15 mid-month inflation print, due Friday 25 September at 9:00 BRT, is expected to show a monthly rise of 0.53 per cent, reversing a -0.40 per cent reading last month.

The National Monetary Council, a separate body chaired by the finance minister, also meets today, and the central bank’s quarterly report is due at 8:00 a.m. BRT. Together they will frame how much room exists for further rate cuts after the recent easing cycle.

The overnight currency moves suggest foreign investors are taking a defensive stance. A hotter-than-expected inflation print could trigger a sharper real decline and push the Ibovespa, Brazil’s main stock index, into a more meaningful correction.

05 The regional setup

The regional board shows a split between the Andean and Atlantic markets. Colombia’s COLCAP, the Bogotá benchmark, led with a 0.92 per cent gain, while Chile’s IPSA added a modest 0.20 per cent.

Brazil, Mexico and Argentina all fell. The Merval, Argentina’s index, was the worst of the group at -0.94 per cent, while the Ibovespa dropped 0.86 per cent in step with Wall Street’s 0.75 per cent S&P 500 decline.

The general pattern, commodity-light, dollar-sensitive markets under pressure against oil- and copper-heavy bourses, fits the overnight tape. Colombia benefits from oil near US$100, while Chile draws support from copper, though the peso’s weakness tempers that.

Mexico’s IPC sits between those forces. It fell only modestly yesterday, and tonight’s central bank decision will likely set the tone for the rest of the week.

06 The technical picture

The Ibovespa remains in a corrective phase, trading about 6.5 per cent below its 52-week high of 198,657 and well above the low of 140,680. The recent slide has been orderly, but the real’s weakness is a warning sign for foreign flows.

Mexico’s IPC is deeper into its own drawdown, around 10.2 per cent below its 52-week high. If the central bank signals that rate cuts are off the table for now, the index could struggle to hold above the psychological 64,000 zone.

The dollar’s move against the real is the key technical signal for Brazil. The board shows USD/BRL at 5.1703, and a break toward the 52-week high of 5.5901 would signal a much more serious risk-off event.

For now, the region is absorbing dollar strength without a crash. That resilience, if it holds through Mexico’s decision, would set the stage for a bottoming attempt into next week.

07 What to watch

• Mexico rate decision: The Bank of Mexico call at 13:00 Mexico City time, 16:00 BRT — any hawkish surprise would lift the peso and hit the IPC.
• Brazil IPCA-15 inflation: Friday’s 9:00 BRT mid-month print — a number above 0.53 per cent monthly would dent Selic-cut hopes.
• US durable goods: Tomorrow’s data will show whether the dollar’s strength reflects genuine US economic momentum.
• Oil near $100: Brent holding above US$100 keeps energy names bid across the region, especially in Colombia and Brazil.

Background: Latin American Markets Open Quietly Before Mexico Rate Decision.

Frequently Asked Questions

Why is the dollar rising against Latin American currencies?

The dollar index gained, and US Treasury yields rose. Higher yields make dollar assets more attractive, pulling money away from emerging markets like Brazil and Mexico.

What will Mexico’s central bank do tonight?

Economists expect the Bank of Mexico to hold its benchmark rate at 6.5 per cent. The focus will be on any hints about when cuts might begin.

How does the weaker real affect Brazil?

A weaker real makes imports more expensive, which can push inflation higher. That complicates the central bank’s plans for cutting the Selic rate.

Which Latin American markets are holding up best?

Colombia and Chile have been relatively resilient, helped by oil and copper. Oil near US$100 a barrel supports Colombia’s COLCAP in particular.

Market data: RT

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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