LatAm Monthly Wrap - July 2026: LatAm Posts Strong Performance in the Month

Research evidence excerpt

LatAm Monthly Wrap - July 2026: LatAm Posts Strong Performance in the Month

J P M O R G A N Global Markets Strategy

04 August 2026

LatAm Monthly Wrap - July 2026

LatAm Posts Strong Performance in the Month

In July, MSCI Latin America rose 4.8% m/m, ranking as the second-best-performing LatAm Equity Strategy

ACglobal region for the month. Chile was the only market to post a negative return, Diego Celedon

declining 0.2% m/m. Colombia led the region with a 20.1% m/m gain, followed by (56-22) 425-5245

Brazil (+6.3% m/m), Argentina (+5.5% m/m), Peru (+3.6% m/m), and Mexico diego.celedon@jpmorgan.com

(+1.6% m/m). At the currency level, performance was mixed: COP, BRL, MXN, and Inversiones J.P. Morgan Limitada

PEN appreciated, while ARS and CLP depreciated. By sector, the best performers Emy Shayo Cherman

during the month were Energy (+18.3% m/m), Consumer Discretionary (+18.3% m/ (55-11) 4950-6684

emy.shayo@jpmorgan.com

m), and Financials (+16.9% m/m). In contrast, Industrials (-1.9% m/m) and Banco J.P. Morgan S.A.

Telecommunications (-2.9% m/m) were the only sectors to post negative returns.

Adrian E Huerta

• In July, MSCI Brazil rose 6.3% m/m, outperforming both MSCI LatAm (52-81) 8152-8720

and MSCI EM. Brazil’s data suggest growth is moderating but still holding adrian.huerta@jpmorgan.com

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

up: industry was dragged down by weaker mining while manufacturing Morgan Grupo Financiero

expanded, and both services and retail underperformed, with retail weakness Cinthya M Mizuguchi

concentrated in volatile wholesale components. Inflation has improved, with (55-11) 4950-6560

broad-based downside surprises in June CPI and the July IPCA-15, while the cinthya.mizuguchi@jpmorgan.com