LatAm Monthly Wrap - June 2026: LatAm Lags, While Policy Regime Change Materializes in the Andeans

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LatAm Monthly Wrap - June 2026: LatAm Lags, While Policy Regime Change Materializes in the Andeans

J P M O R G A N Global Markets Strategy

01 July 2026

LatAm Monthly Wrap - June 2026

LatAm Lags, While Policy Regime Change Materializes

in the Andeans

In June, MSCI Latin America declined 2.7% m/m, ranking as the worst-performing LatAm Equity Strategy

ACglobal region for the month. YTD, it is the second worst-performing region, up 8.9%. Diego Celedon

The decline was driven primarily by Argentina and Brazil, which lagged the rest of (56-22) 425-5245

the region (-7.9% m/m and -3.3% m/m). Only two markets posted positive returns: diego.celedon@jpmorgan.com

Colombia (+11.1% m/m) and Peru (+0.8% m/m). At the currency level, performance Inversiones J.P. Morgan Limitada

was mixed: COP and PEN appreciated, while ARS, CLP, MXN, and BRL Emy Shayo Cherman

depreciated. By sector, only four sectors delivered positive returns—Industrials (55-11) 4950-6684

emy.shayo@jpmorgan.com

(+3.9% m/m), Financials (+2.1% m/m), Utilities (+1.5% m/m), and Banco J.P. Morgan S.A.

Telecommunications (+0.9% m/m)—while the rest were negative. Energy was the

Adrian E Huerta

worst-performing sector (-13.1% m/m). (52-81) 8152-8720

• In June, MSCI Brazil fell 3.3% m/m, underperforming MSCI LatAm and adrian.huerta@jpmorgan.comJ.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

MSCI EM. Brazil’s economy still looks resilient, led by industry and services, Morgan Grupo Financiero

but is starting to cool—retail is the main weak spot amid softer credit and Cinthya M Mizuguchi

sentiment. Inflation remains sticky and unevenly falling; the BCB cut rates (55-11) 4950-6560

again but signaled less room to ease. Externally, the balance of payments has cinthya.mizuguchi@jpmorgan.com