Staying Neutral Latin Equities, Long CLP & BRL

The uptrend in global equity markets appears to remain firmly in place, following the recent correction in key bourses seen at the end of October, which saw us take profit on our long Brazilian Bovespa view on October 28. Risk appetite looks to be back, and key technical resistance levels for both equities and risk-barometer cross-rates such as our long BRL/short JPY view could be testing major resistance levels in the near future. The Dow Jones, too, has broken through short-term technical resistance to close up above 10,000 on November 6, while the US dollar is once again back on the ropes.

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