Chile has a lot to be happy about. As the mining drama comes to
a denouement, Chile's stock market, along with the country-related
exchange traded fund (
), surges on the fortunate news, and the economy is expanding at a
Chile's 33 trapped miners have been hoisted to safety after
being stuck underground for 69 days due to a collapsed mine shaft,
writes Ronald Weisenstein for Benzinga
. The miners were individually brought to the surface in a capsule
that is barely wider than the width of a man's shoulders, which
took around 15 minutes per journey through 2,050 feet of earth.
On Wednesday, as the news spread of the first miners being
brought to the surface, the Chilean stock markets ended on a
positive note, increasing by 2%.
The Chilean Central Bank may only increase rates by 25 basis
points to 2.75% as the economy surges onward, but domestic demand
and inflation are running at a more moderate pace than previously
according to Reuters
The Potential of Emerging Market ETFs.
Chile's economy grew 7.6% in the third quarter, the most since
report Sebastian Boyd and Randy Woods for
. Industrial output increased by 6.9% in August year-over-year, or
the fastest in over four years.
The Chilean peso has appreciated 4.7% against the dollar this
year, which makes it the second-best performing currency in Latin
The Central Bank projects that the economy will expand by 5% to
5.5% this year and up to 6.5% in 2011. The International Monetary
Fund forecasts an economic growth of 5% this year and 6% next
Max Chen contributed to this article.
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