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On the bright side GDP expectations continue to improve. In March the FY2022 consensus is at 4.5%, above the 4.2% of February.

The Peso remains a lottery - with an election in 3 months and the continuing 'red under the bed' narrative.

When taken in conjunction with the big decline in Consumer Confidence which was reported a fortnight ago, there are reasons for concern.

In keeping with the recent macro data, consensus estimates on Colombian key economic indicators are continuing to edge higher.

Amidst an environment where we see both analysts and overseas agents increasing their growth recommendations for both 2021 & 2022.

Reportedly 100 new ideas have been added to Colombia's second attempt at tax reform this year, and four original provisions have already been axed.

Here in Colombia the market has been crying out for new blood, we have seen multiple names such as Tablemac delist, others including Éxito who are no longer part of the MSCI COLCAP and recently Avianca which has been put on the naughty step due to Chapter 11.

Tuesday was a historic day in Colombia - not because the football team managed to snatch a 2-2 draw against Argentina in a World Cup qualifier, but because it represented the first time ever that local investors could buy and sell Chilean stocks in local currency.

Against the backdrop of the images we have seen, it appears almost churlish to discuss Colombia's investment grade credit rating, however its removal would have more effect on those protesting than most of them could imagine.

Earlier this week we had the equity market flows for March, a month when the index lost 3%, and we find that foreigners, whilst continuing their healthy participation at 34.8% were almost the largest net sellers. Now $30mn is not the end of the world however given the poor...