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Itaú See Lower Odds Of BCCh Accelerating The Easing Pace

CHILE
  • With activity dynamics continuing to surprise favourably, Itaú view even lower odds of a greater than 75-bp cut by the BCCh later this month.
  • November activity data represented the third consecutive annual increase, consolidating the view of null GDP variation last year, or even a slightly positive print. The total IMACEC increase of 1.2% was above expectations, while non-mining IMACEC posted a second consecutive 1.0% Y/y print.
  • Goods-led activity in the month, with manufacturing (6.4% yoy), mining (2.7% yoy) and the rest of goods (2.9%, mainly value added electricity generation). Services, mainly transportation (and favored by air travel base effects), increased 1.2% yoy.
  • On the other hand, commerce contracted 1.4% yoy (-0.7% previously). On a sequential basis, total activity rose 0.3% MoM SA from October (0% previously), pulled up by the 1.3% mining increase. Excluding mining, activity rose 0.2% MoM SA, with positive contributions from services and goods.
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