Latin American Pulse for Tuesday, November 3, 2026

Rio Times · Latin America

Latin America woke on 3 November tense but watchful: a US oil fund fell 7%, yet rates, security and elections still weigh on people’s daily lives.

Source: market close, 2 November 2026.

The Continent’s Mood Today

The region spent a holiday Monday, 2 November, watching three things at once. Oil dropped, a United States election loomed, and Brazil prepared for a central bank decision.

The US Oil Fund (USO), which tracks crude futures, fell 7.1% to US$156.87 on Monday, though what drove the move was not clear at the time of writing. For fuel importers a lower oil price would be welcome, but one day does not make a trend.

The relief is thin. Ecuador began a night curfew on its coast, and Brazil waits for its rate decision.

Brazil – Impatience at 13.75%

All eyes are on the central bank. The Copom, the committee that sets Brazil’s benchmark interest rate, meets on Tuesday and Wednesday.

The Selic stands at 13.75% a year after five cuts in 2026. The Copom meets on 3 and 4 November and decides on the 4th.

Monday was a holiday, Finados, the Day of the Dead, and the stock exchange was shut. Football filled the gap: on Sunday Palmeiras edged Vasco 1-0 in the first leg of a Brazil Cup semi-final.

For a foreigner, expect rate headlines to move the real on Wednesday, and check any reais loan or deposit before the Copom statement.

Mexico – Watching the Neighbour’s Ballot Box

Mexican readers woke to a United States story. A US appeals court, the 9th Circuit, refused on 26 October to set aside about 20,000 California mail-in ballots from voters the Trump administration calls possible non-citizens, and a federal judge also denied the request, ahead of the midterms on 3 November.

The case began in mid-October, when the Trump administration sued California over a list of voters it calls likely non-citizens. Millions of Mexicans have family across that border, so the fight over who counts as a voter feels personal.

Memories of past deportation drives sharpen it. If you hold pesos or Mexican assets, watch how the US midterms on 3 November move the dollar and the peso.

The Mexican peso traded at about 18.58 per US dollar on Monday.

Colombia – A Quiet Day on the Exchange

Colombia’s COLCAP stock index edged up 0.04% to 2,491 on Monday, a calm session after a volatile week for emerging markets. For foreigners, check official travel advice before visiting conflict-affected regions, and watch Colombia’s peso and bond markets for the next signal.

Chile – Stocks Move Higher

Chile’s IPSA stock index rose 1.18% to 10,375 on Monday, one of the stronger moves in the region. In practice, Chile offered investors a calm start to the week, with the IPSA index leading the region on Monday.

Argentina – Stocks Fall, a Papal Visit Looms

Argentina’s Merval stock index fell 2.59% to 92,079 on Monday, the weakest move among the region’s main indices. Pope Leo XIV is due in Córdoba on 10 November, a day many in Argentina are looking forward to.

If you live there, expect heavy crowds and road closures in Córdoba around 10 November.

Ecuador and Peru – Curfews and Prices

Ecuador began a 10-night curfew on its coast on 1 November, in five coastal provinces, ahead of its 29 November election. The country has lived through years of gang violence, so a curfew brings both relief and dread.

People want order but remember how fast it can slip away. Peru’s consumer prices rose 0.57% in October from September, against a forecast of no change, according to the RT economic calendar.

In practice, Ecuador’s coast means planning around night curfews, and Peru means watching local costs and the sol.

The Shared Mood

Across the region the feeling is the same: people want steadier money and safer streets. A one-day oil move is a small gift that few trust to last.

Governments are being judged on the cost of a loan and the safety of a night out. The next tests are Brazil’s rate call on 4 November and the US midterms on 3 November.

Frequently Asked Questions

When does Brazil decide interest rates?

Brazil’s central bank Copom meets on 3 and 4 November 2026 and announces its decision on 4 November. The Selic rate currently stands at 13.75% a year.

How far did oil fall on 2 November 2026?

The US Oil Fund (USO), which tracks crude futures, fell 7.1% to US$156.87. The cause was not clear at the time of writing.

What curfew did Ecuador start?

Ecuador began a 10-night curfew on 1 November in five coastal provinces, ahead of its 29 November election.

Sources: Banco Central do Brasil – Copom, The Rio Times – Latam Pulse

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief