Argentina Hikes Fuel Prices; Santander Eyes Citigroup’s Retail Business in Mexico

A roundup of Wednesday’s news from across Latin America

Bloomberg Línea
February 02, 2022 | 09:45 PM

Bloomberg Línea — Argentina’s national oil company YPF has increased fuel prices by an average of 9% after more than seven months of price freezes, and announced it will invest $3.7 billion this year to boost oil and gas production in the country.

In Mexico, Banco Santander has emerged as one of the lenders exploring a potential bid for the retail banking operations of Citigroup Inc. in Mexico, following the U.S. bank’s decision, announced late last year, to sell the business currently operating as Citibanamex.

On the stock markets, Mexico’s market was the only one in Latin America to close with gains on Wednesday, with an advance of 0.49%. Non-basic consumer products, staples and industrials sectors were the best performers during the session. Shares of the Mexican Stock Exchange (BOLSAA), Femsa (FEMSAUBD) and Grupo Aeroportuario del Centro (OMAB) were among the best performers.


Argentina’s stock exchange (MERVAL) closed with the region’s sharpest losses, down 1.92%, its sharpest losses since January 24 and following six consecutive days of gains, while Brazil’s Ibovespa (IBOV) also closed with losses in expectation of the central bank’s decision on interest rates.

Following is a roundup of Wednesday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.



São Paulo state governor João Doria at the site of the Line 6 construction collapse.dfd





Mexico's President Andrés Manuel López Obrador.dfd




This is how the region’s markets closed on Wednesday, February 2: