COP – COP moved higher and outperformed peers throughout the session today. Our trader notes that outperformance is mostly being driven by flows. He has seen overall better inflows into COP today in cash from both corps and real money. On the macro front, Q4 economic activity surprised to the upside, coming in at 2.3% YoY versus 1.2% consensus. However, according to statistical agency DANE, manufacturing production dropped 6.4% YoY in November, after a 5.9% decline in October. Similarly, industrial production decreased by 3.0% YoY, after a 2.2% YoY drop in October. Retail sales followed suit, shrinking 3.4% YoY after a 11.0% contraction in October, in line with declining domestic demand. The fact that all three metrics posted negative results for a ninth consecutive month confirms that the slowdown continues.