Equities: Caution Ahead

We still like a number of Latin American equity markets from a fundamental perspective, with Chile's benchmark IGPA standing out as one of our favourites over the medium term. This broadly bullish market strategy is based on the region's exposure to the US economic recovery, the strong outlook for domestic demand and global hunger for commodities. However, over the past few weeks a number of technical signals have aligned to reignite some caution for several key bourses in the near term.

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