COP – COP is trading higher and in-line with EM, driven by risk-on moves in USD related to FOMC. Colombia’s manufacturing was reported to recover marginally in October, showing that this metric remains in contractionary territory for the 4th consecutive month. Exports were reported to decelerate YoY for the 8th consecutive month as well (-13.6% YoY in September). In the short-term, our econ team expects to continue seeing the recent trend of imports decelerating more steeply than exports, leading the trade deficit to narrow further through year-end. On the flow side, our trader has seen some buying interest at the 4030 low, but mainly profit-taking from fast money. He has also seen some small outflows from real money and added that local corps were quiet. 4030-4000 acts as a support while 4100 as a resistance are the levels to watch.