Good morning. Some quick headlines worth tracking.

Ukraine assassinated Russian General Igor Kirillov in Moscow. Kirillov was head of the Russian chemical, nuclear, and biological weapons program and a Russian military spokesman. [SOURCE - France24]

A large A 7.3 magnitude earthquake struck near Vanuatu’s capital, causing widespread destruction but casualty numbers and the full extent of the damage are still unclear. [SOURCE - BBC]

A mass grave containing an estimated 100,000 bodies was discovered in Syria. It is thought to be one of many mass graves used by the Assad regime as part of their industrial-scale prison system. [SOURCE - Al Jazeera. Note that the images and coverage are distressing.]

Canada’s Finance Minister, Chrystia Freeland, abruptly and dramatically resigned, leaving the Trudeau government weakened and increasing calls for his resignation from both the opposition and his own party. [SOURCE - Bloomberg]

Commodity and Rate Snapshot

_{As at Dec 17, 06:00ET -Data is illustrative, not for decision-making.}

Financial data via Bloomberg, Freightos and AlphaVantage

Americas Stability Ratings and News Summary

More Unstable

🇦🇬 Antigua and Barbuda, 🇦🇷 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, 🇺🇸 United States Of America, 🇻🇪 Venezuela

More Stable

No countries were more stable over this period

Unchanged

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

Regional News Summary

In Brazil, President Luiz Inácio Lula da Silva has been recovering from emergency brain surgery, having recently undergone a second procedure to prevent further complications. While Lula has been discharged and is speaking publicly again, the nation faces a state of emergency due to severe water shortages affecting five major rivers, a situation exacerbated by prolonged drought conditions. The government is working to mitigate the impact on agriculture and ecosystems as it grapples with these environmental challenges [SOURCE - Mercopress].

Economically, Brazil is showing signs of recovery, with the Centre for Latin American Monetary Studies predicting a GDP growth of 3.5% for 2024, driven largely by the service sector. However, inflation remains a concern, prompting the Central Bank of Brazil to announce plans to increase interest rates to 14.25% by March [SOURCE - Livemint]. Meanwhile, environmental groups are condemning new laws that threaten soybean restrictions in the Amazon, raising alarms about biodiversity loss and deforestation [SOURCE - ABC News].

In Mexico, the death toll from contaminated infant IV feeding bags has risen to 17, highlighting critical gaps in healthcare regulations [SOURCE - ABC News]. The country is also grappling with rising organized crime, which has contributed to a surge in femicides, prompting activists to call for more effective government action [SOURCE - Scoop NZ].

Trade relations between the U.S. and Mexico are under strain due to proposed tariffs by former President Trump, which could have significant repercussions for Mexico's automotive industry. Mazda has indicated it may relocate operations if a 25% tariff on imported vehicles is imposed [SOURCE - Mexico News Daily]. Trump has nominated CIA veteran Ron Johnson as the new U.S. Ambassador to Mexico [SOURCE - The Rio Times].

In Argentina, President Javier Milei is marking a year in office with controversial economic measures aimed at curbing inflation, which has reportedly dropped to under 3% monthly. However, soaring poverty levels remain a pressing issue [SOURCE - The Conversation]. The government is also facing scrutiny following the expulsion of Senator Kueider from Parliament amid allegations of corruption [SOURCE - Mercopress].

Carpe tomorrow!