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SQM - Chile Macro Update May 2019: Softer Growth Weighing On Equities
Sociedad Quimica y Minera S.A.
iShares MSCI Chile Capped ETF (NYSE:ECH) is the largest and most liquid Chile country-specific, exchange-traded fund with assets of $340 million. The ETF has been trending lower and underperforming broad global indexes down 5.5% YTD in 2019, and effectively in a bear market down 23% over the past year. The returns are largely a reflection of the weaker Chilean peso currency that has been pressured by falling copper prices. Recent data also suggest softer domestic demand fundamentals in Q1 are weighing on sentiment. This article highlights macro developments in the country and reflects