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Chile Also Having a Nice Party ... ish
The sharp copper price moves of the past few months have brought Chilean markets up as well, as local stocks have now significantly outperformed the EM average.
On the other hand, the domestic economy remains in the doldrums, with weak investment and credit activity in particular, and it's hard to motivate an equity/growth story if the copper rally reverses.
And we're still waiting for meaningful external improvement. Export earnings have picked up at the margin, but the real gains under recent price spikes would only come next year. Meanwhile, Chile is still running current account deficits, interest rates are low by regional standards and the peso is just plodding along for now.
Chile Also Having a Nice Party ... ish (PDF)
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