Growth in Brazil & Mexico probably picked up in Q4

We wouldn’t put much weight on the dip in Mexico’s business surveys in December since they have become a less reliable indicator of shifts in economic conditions over the past year. Indeed, the hard activity data that are so far available suggest that the economy probably rebounded in the final quarter of the year. Elsewhere, the survey data from Brazil have been more reliable in recent quarters and suggest that the economic recovery there continued at the end of Q4.