The news from the Latin American continent, meanwhile, is good. Mexico recorded increased industrial production while the Brazilian real touched 5-year highs. Argentina’s economy expanded at the fastest in 13 years. Soaring exports and rising consumer spending were the reasons for this. The nation’s economy expanded 9.1 percent in the fourth quarter compared to the same period a year ago.

At the same time inflation for the period doubled to 12.3 percent. Argentina is South America’s second-largest economy. The government is expected to cut spending and freeze wage increases so as to curb inflation. Multinational companies in the country are also being urged to stop price increases.