Good morning. Two headlines from Syria.

Israel has conducted over 250 missile strikes around Syria and pushed deeper into the Golan Heights in the last 48 hours, in response to the fall of Bashir al-Assaed and the Hayat Tahrir al-Sham (HTS) takeover. Israel has described the seizure of territory as a temporary security measure, but governments in the region are describing this as an illegal occupation. [SOURCE - al Jazeera]

HTS has installed Mohammed al-Bashir as interim Prime Minister following a meeting between HTS’s head, Ahmned al-Shahraa (formerly known as al-Jolani), al-Bashir and the former Prime Minister Ghazi al-Jalani. This continues the apparent careful and methodical approach HTS is taking to the seizure of power. [SOURCE - Bloomberg]

Commodity and Rate Snapshot

_{As at Dec 10, 06:00ET -Data is illustrative, not for decision-making.}

Financial data via Bloomberg, Freightos and AlphaVantage

Americas Stability Ratings and News Summary

More Unstable

🇦🇷 Argentina, 🇧🇿 Belize, 🇧🇴 Bolivia, 🇧🇷 Brazil, 🇨🇦 Canada, 🇨🇴 Colombia, 🇨🇺 Cuba, 🇩🇴 Dominican Republic, 🇪🇨 Ecuador, 🇸🇻 El Salvador, 🇬🇩 Grenada, 🇬🇹 Guatemala, 🇬🇾 Guyana, 🇭🇹 Haiti, 🇭🇳 Honduras, 🇯🇲 Jamaica, 🇲🇽 Mexico, 🇳🇮 Nicaragua, 🇵🇪 Peru, 🇱🇨 Saint Lucia, 🇸🇷 Suriname, 🇹🇹 Trinidad and Tobago, 🇻🇪 Venezuela

More Stable

No countries were more stable over this period

Unchanged

🇦🇬 Antigua and Barbuda, 🇧🇧 Barbados, 🇨🇱 Chile, 🇨🇷 Costa Rica, 🇩🇲 Dominica, 🇵🇦 Panama, 🇵🇾 Paraguay, 🇰🇳 Saint Kitts and Nevis, 🇻🇨 Saint Vincent and the Grenadines, 🇧🇸 The Bahamas, 🇺🇸 United States Of America, 🇺🇾 Uruguay

Americas News Summary

In Brazil, the energy sector is undergoing notable changes as Petrobras, the state-controlled oil giant, faces leadership upheaval. The chairman is expected to depart for a role at the country's oil regulator, a move that underscores the government's ambition to privatize the company and attract foreign investment. Petrobras' CEO has emphasized the need for the company to expand its influence within the energy sector, stating it must be "as big as possible" to meet national energy demands [SOURCE - Financial Times]. 

Economic indicators from Brazil show a mixed picture. The country recorded a GDP growth of 0.9% in the third quarter of 2024, alongside a foreign exchange surplus of $8.5 billion, despite ongoing financial outflows [SOURCE - Rio Times]. However, challenges persist in the agricultural sector, with key crops struggling and the government planning a substantial investment in biofuels to support farmers [SOURCE - Rio Times].

In Mexico, the country has solidified its position as the top trade partner for the United States for the second consecutive year, amidst ongoing trade tensions and geopolitical uncertainties [SOURCE - Rio Times]. However, rising tariff threats from the U.S. have strained relations with Canada, raising concerns about the future of trade between the two nations [SOURCE - AP News].

Meanwhile, Chevron and Shell are eyeing opportunities in Argentina's oil export plans, reflecting a broader regional interest in energy resources. Argentina is experiencing an economic turnaround, with a record oil production of 24.3 million barrels in October, driven by the Vaca Muerta shale play [SOURCE - Rigzone]. The central bank's decision to cut the benchmark interest rate to 32% aims to stimulate growth, while the Argentine peso has emerged as the best-performing currency globally, appreciating over 100% this year [SOURCE - Rio Times].

In the Caribbean, Jamaica faces a significant economic crisis, with reports indicating a $3 trillion deficit. The government is under pressure to address these challenges while also expanding retail options to improve consumer access [SOURCE - The Jamaica Gleaner].

Meanwhile, Cuba is grappling with a severe electricity crisis, having experienced its third nationwide blackout in two months, which has raised concerns about the viability of its renewable energy goals [SOURCE - IBTimes].

Carpe tomorrow!