Monthly Macro Outlook: See full report
Monthly Equity Outlook: See full report
Fixed Income Monthly Outlook: See full report
Monthly Currency Outlook: See full reporto
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Macroeconomy: In Colombia, consumer inflation fell for the fifth consecutive month in August, reaching 10.99% (+0.50%), despite increased inflationary pressures from food, alcoholic beverages, tobacco, and transportation during the period. Internationally, global inflation continues to decline. While policymakers' speeches have convinced market participants that the issuer is committed to its goal of controlling inflation, economic data releases should be monitored.
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Fixed rent: In the local market, we see a generally appreciating TES TF curve, especially in the medium- and long-term nodes, while the 2-year bond showed a depreciation of 2 bp. Meanwhile, the UVR curve generally appreciated, with reductions mainly in the 6- and 15-year bonds, which fell 21.1 bp and 16.2 bp, respectively.
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Variable income: In Colombia, the stock market registered a decline, reflecting market indecision for the coming months. During the month, the market attempted to find an upward trend that failed to sustain, driven by the strong performance of Ecopetrol, which performed in line with international crude oil prices.
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Coins: The Colombian peso is expected to have a mixed trend. If US data remains mixed, the range would be COP $4,020 to COP $4,180. In a bullish scenario, it could reach COP $4,250, and in a bearish scenario, it would fall to COP $3,950.In Colombia, consumer inflation fell for the fifth consecutive month in August, reaching 10.99% (+0.50%), despite increased inflationary pressures from food, alcoholic beverages, tobacco, and transportation.
