In March, new information released during the month in Latin America highlights the caution that has to have

when talking about the economy of the region, some data were positive while others are not. In Colombia, DANE reported that growth of the economy during 2011 was 5.9%, real output of the manufacturing sector, excluding coffee threshing, grew 2.4% during the month of December compared to 5.6% expected by the market, inflation registered an increase of 0.61%, according to analysts, the recent slowdown in manufacturing growth and advance data from the first quarter of 2012 suggest that the dynamics of the first quarter would be lower than 2011. In Chile, analysts expect the central bank kept its rates by 5% over the next six months, the economy showed a growth of 6% in 2011 and manufacturing output grew at a level of 3.7% in January; in Peru Mining output contracted while the economy grew 5.38% in January, in Mexico retail sales rose 0.9% during January and inflation expectations rose end of 2012, inflation in Paraguay showed a growth of 1.5% in February and the rate of unemployment fell in Argentina in the last quarter of 2011 to 6.7%, lowest level since May 1992. In Brazil, the economy grew at a rate of 2.7% during 2011, industrial production fell 2.1% between December and January and showed a slowdown in inflation in February, standing at 5.85% within the target range of 4.5% to 6.5 % -, despite this, the Bovespa stock index fell 1.98% during March, but earnings accumulate a 14.3% year to date, for its part the government is determined to contain the appreciation of the real, by strengthening controls existing capital and expanding the tax indebtedness, the Real against the dollar fell 6.4% closing the month at 1.83 reais per dollar. The local bond market registered significant changes over March, after it was learned that the board of the Central Bank left interest rates unchanged at 5.25%, the curve of fixed-rate TES reacted positively different deadlines. The short end of the curve was valued several points, the rate of the Augusts of 2012 fell 11pb, the middle, represented by the 2014 Septembers Octobers of 2015 and fell in negotiating their rates 38 and 25 basis points respectively Finally the long side of the curve was valued on average 13pb, with the Octobers of 2018 and 2020 joules of earners who fall in the rate of 14pb. The stock indexes of the region amounted to slight gains to their balance sheets, the IPSA rose 2.99% in Chile, the General Index of Peru 2.7% and 4.51% Mexbol. In the local market met the new composition of the index where Ecopetrol COLCAP'll take the largest share (20%) followed by PFBCOLOMB (12.41%), PREC (11.21%) and Sura Group (10.98%), the Colombian index closed the month with a gain of 0.76% The region's currencies were mixed behavior in the month of March, the Colombian peso fell 1.2% closing at 1788.75 the price per dollar while the peso rose 0.4%, the LACI (index that measures the performance of Latin American major currencies against the dollar) fell 2.28%.