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Expected by the market, but a new cut in the classification of Chile comes to add a new element for the bad year for local assets
Expected by the market, but a new cut in Chile’s classification comes to add a new element for the bad year for local assets in the face of the effects of the pandemic.
Around 11 am Fitch announced that it was demoting Chile from “A” to “A-” as a consequence of the pandemic and the pressure on public finances after the social outbreak.
After that, both the value of the dollar and the stock market have not deepened their falls much and remained at the levels at which they had been trading before the news.
With this, the exchange rate in the local market closed its operations at $ 803.20, which means a rise of $ 3.97 compared to Wednesday’s session, its lowest level since August 17, according to Bloomberg .
For its part, the IPSA – indicator that brings together the main shares of the Chilean stock market – operates with a 0.13% drop at this time.
Emerging markets have been under pressure in the morning before him investor pessimism after a political agreement failed in the United States to provide fiscal support.
The White House Secretary of the Treasury, Steven Mnuchin, and the leader of the Democratic Party, Nancy Pelosi, implied this Wednesday that a pact between both forces to deliver a package of fiscal measures is almost impossible before the November 3 elections.
To the above, it is added that in Europe they are taking more restrictions to face the coronavirus. The Chancellor of Germany, Angela Merkel, asked her counterparts on the continent to adopt more measures in this line.
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