Brazilian And Colombian Equities To Outperform

We are reiterating our constructive view on Brazilian and Colombian equities (see our online service, January 5, Asset Class Strategy), which was based on their attractive valuations compared to regional peers and on a still positive growth outlook for both countries in 2012, especially in the Oil & Gas industry. Over the last week, the technical picture on the Brazilian Bovespa and Colombian IGBC indices has markedly improved, reinforcing the case for a short- to medium-term outperformance of the two markets.

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