IBOV 177,310.14 ▼ 0.13% IPSA 11,020.34 ▲ 0.10% IPC MEX 67,298.78 ▲ 0.88% MERVAL 3,356,435 ▼ 0.69% COLCAP 2,313.99 ▲ 0.74% BVL PERÚ 57,575.02 — — USD/BRL5.08▲ 0.51% USD/MXN17.52▲ 0.73% USD/CLP947.22▲ 1.24% USD/COP3,213▼ 0.45% USD/PEN3.40▼ 0.03% USD/ARS1,488▲ 0.36% USD/UYU40.14▲ 1.16% USD/PYG6,025▲ 1.20% USD/BOB11.03▲ 3.57% USD/DOP57.95▼ 0.09% USD/CRC451.03▲ 2.18% USD/GTQ7.62▲ 2.29% USD/HNL26.74▲ 0.88% USD/NIO36.62▲ 0.31% USD/VES736.04▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.69▲ 0.48% USD/TTD6.73▲ 1.11% EUR/BRL5.78▼ 0.33% BRENT 86.95 ▼ 7.57% WTI 91.95 ▲ 5.90% IRON ORE 161.91 — — COPPER 6.37 ▼ 1.33% GOLD 4,059 ▼ 2.12% SILVER 57.97 ▼ 3.42% SOY 1,243 ▲ 0.79% CORN 484.50 ▲ 4.87% WHEAT 696.50 ▼ 1.31% COFFEE 311.20 ▼ 1.72% SUGAR 14.69 ▼ 0.34% ORANGE JUICE 147.35 ▼ 1.96% COTTON 81.49 ▲ 2.03% COCOA 5,223 ▼ 1.97% BEEF 220.80 ▼ 1.08% CATTLE 339.43 ▼ 0.51% LITHIUM 68.81 ▼ 0.28% PETR4 43.29 ▲ 1.67% VALE3 76.78 ▲ 2.24% ITUB4 42.52 ▼ 0.89% BBDC4 18.82 ▼ 0.79% ABEV3 16.00 ▼ 0.81% BBAS3 20.98 ▼ 0.52% B3SA3 15.72 ▼ 1.13% WEGE3 45.38 ▼ 2.91% PRIO3 61.20 ▲ 2.39% SUZB3 42.19 ▼ 1.10% RENT3 36.81 ▼ 0.89% AZZA3 17.30 ▼ 2.86% CSAN3 3.93 ▲ 0.26% RAIZ4 0.28 ▲ 3.70% PCAR3 2.77 ▲ 0.73% GMAT3 3.89 ▼ 0.51% PSSA3 55.38 ▼ 0.13% CVCB3 1.25 ▼ 1.57% POSI3 3.67 ▼ 0.81% SLCE3 13.97 ▲ 0.07% NATU3 8.64 ▼ 0.46% BRKM5 6.18 ▲ 1.81% RANI3 7.99 ▼ 0.13% CSNA3 5.48 ▲ 1.86% CMIN3 5.74 ▼ 1.71% USIM5 8.65 — 0.00% GGBR4 24.34 ▲ 1.16% ENEV3 25.65 ▼ 1.23% CPFE3 46.48 ▼ 0.49% CMIG4 11.23 ▲ 0.18% EQTL3 38.80 ▼ 1.40% LREN3 13.34 ▼ 1.48% VIVT3 34.94 ▼ 1.24% RAIL3 13.84 ▲ 1.47% KLABIN 17.63 ▼ 1.67% RAIA DROGASIL 18.57 ▲ 1.53% RDOR3 33.84 ▼ 1.88% HAPV3 10.98 ▼ 3.60% FLRY3 16.65 — 0.00% SMTO3 16.19 ▲ 0.87% UGPA3 33.15 ▲ 0.97% VBBR3 35.19 ▲ 0.60% BBSE3 42.48 ▼ 0.23% BPAC11 56.19 ▼ 1.46% CURY3 29.67 ▼ 1.76% AERI3 2.04 ▼ 0.49% VIVARA 21.39 ▼ 0.74% COMPASS 24.84 ▲ 0.12% VAMOS 3.17 ▼ 1.86% SANB11 26.81 ▼ 0.52% ASAI3 8.21 ▼ 2.26% SBSP3 28.96 ▼ 1.13% WALMEX 47.36 ▼ 2.65% GMEXICO 211.95 ▼ 1.42% FEMSA 226.21 ▼ 0.67% CEMEX 21.88 ▼ 1.31% GFNORTE 191.19 ▼ 0.22% BIMBO 60.06 ▼ 0.40% TELEVISA 9.69 ▼ 1.32% AMX 22.72 ▲ 0.13% GAP 379.23 ▲ 0.66% ASUR 270.43 ▼ 1.13% OMA 228.66 ▼ 0.02% KOF 181.42 ▼ 0.67% GRUMA 276.48 ▼ 1.42% KIMBER 38.79 ▼ 0.08% SQM-B 66,526 ▲ 2.26% COPEC 6,500 ▼ 0.76% BSANTANDER 80.22 ▲ 0.46% FALABELLA 6,040 ▼ 0.04% ENELAM 84.73 ▲ 0.24% CENCOSUD 2,005 ▼ 0.24% CMPC 1,072 ▲ 0.16% BANCO CHILE 194.10 ▲ 0.31% LATAM AIR 23.54 ▼ 2.28% YPF 83,150 ▲ 0.79% GGAL 8,075 ▼ 2.42% PAMPA 5,620 ▼ 0.09% TXAR 665.50 ▼ 0.37% ALUAR 974.00 — 0.00% TGS 10,040 ▲ 1.36% CEPU 2,391 ▼ 0.83% MIRGOR 16,975 ▲ 0.30% COME 42.70 ▼ 1.02% LOMA NEGRA 3,773 ▼ 0.98% BYMA 292.75 ▼ 0.93% TELECOM ARG 4,268 ▼ 3.45% ECOPETROL 16.78 ▲ 0.54% BANCOLOMBIA 86.30 ▲ 1.94% GRUPO AVAL 4.99 ▼ 0.99% CREDICORP 393.02 ▼ 0.17% SOUTHERN COPPER 185.42 ▼ 5.15% BUENAVENTURA 31.35 ▼ 2.31% MERCADOLIBRE 1,780 ▼ 1.08% NUBANK 14.34 ▼ 1.21% XP 17.18 ▼ 0.69% PAGSEGURO 9.49 ▼ 1.91% STONE 11.08 ▼ 2.51% GLOBANT 29.91 ▼ 2.49% TECNOGLASS 44.74 ▼ 1.06% GAP AIRPORT 216.32 ▼ 0.56% ASUR 270.43 ▼ 1.13% OMA AIRPORT 104.39 ▼ 0.91% AMX ADR 25.93 ▼ 0.73% FEMSA ADR 129.18 ▼ 1.33% CEMEX ADR 12.45 ▼ 2.16% PETROBRAS ADR 19.25 ▲ 1.88% VALE ADR 15.10 ▲ 1.65% ITAU ADR 8.38 ▼ 1.24% SANTANDER BR 5.38 ▼ 1.38% AMBEV ADR 3.12 ▼ 0.80% CSN 1.10 ▲ 0.46% GERDAU 4.80 ▲ 0.52% LATAM ADR 49.78 ▼ 2.90% BTC 64,682 ▼ 2.15% ETH 1,882 ▼ 2.68% SOL 75.83 ▼ 2.67% XRP 1.10 ▼ 3.31% BNB 564.04 ▼ 1.18% ADA 0.17 ▼ 3.33% DOGE 0.07 ▼ 5.62% AVAX 6.39 ▼ 3.43% LINK 8.42 ▼ 2.40% DOT 0.81 ▼ 2.78% LTC 46.25 ▼ 1.74% BCH 213.37 ▼ 3.00% TRX 0.33 ▼ 0.73% XLM 0.18 ▼ 3.59% HBAR 0.07 ▼ 2.43% NEAR 1.87 — 0.00% ATOM 1.43 ▼ 2.43% AAVE 95.34 ▼ 2.07% SELIC 14.25% EMBRAER 83.79 — 0.00% EMBRAER ADR 66.12 ▲ 0.11% JBS 12.10 ▼ 1.22% JBS BDR 61.44 ▼ 0.58% MBRF3 15.99 ▼ 0.25% MBRFY 3.14 ▼ 1.57% INTER 5.52 ▼ 3.08% EGX 53,932 ▼ 0.11% USD/ZAR16.75▲ 2.18% USD/NGN1,366▼ 0.48% NIKKEI 66,423 ▲ 0.46% CSI300 4,728 ▲ 0.23% HSI 25,211 ▲ 1.28% NIFTY 23,870 ▼ 0.53% KOSPI 7,097 ▲ 4.40% JCI 6,315 ▼ 0.30% USD/JPY163.86▲ 0.44% USD/CNY6.77▼ 0.05% DAX 24,789 ▼ 1.46% CAC 8,300 ▼ 1.63% FTSE 10,639 ▼ 0.73% MIB 51,470 ▼ 2.51% IBEX 19,284 ▼ 1.47% STOXX 639.73 ▼ 1.11% EUR/USD1.14▼ 0.31% GBP/USD1.33▼ 0.46% SPX 7,407 ▼ 1.23% DJI 51,741 ▼ 0.91% NDX 28,442 ▼ 1.92% RUT 2,939 ▼ 0.72% TSX 35,264 ▼ 0.62% VIX 19.18 ▲ 15.26% USD/CAD1.41▲ 0.01% US10Y 4.7050 ▲ 1.03% IBOV 177,310.14 ▼ 0.13% IPSA 11,020.34 ▲ 0.10% IPC MEX 67,298.78 ▲ 0.88% MERVAL 3,356,435 ▼ 0.69% COLCAP 2,313.99 ▲ 0.74% BVL PERÚ 57,575.02 — — USD/BRL 5.08 ▲ 0.51% USD/MXN 17.52 ▲ 0.73% USD/CLP 947.22 ▲ 1.24% USD/COP 3,213 ▼ 0.45% USD/PEN 3.40 ▼ 0.03% USD/ARS 1,488 ▲ 0.36% USD/UYU 40.14 ▲ 1.16% USD/PYG 6,025 ▲ 1.20% USD/BOB 11.03 ▲ 3.57% USD/DOP 57.95 ▼ 0.09% USD/CRC 451.03 ▲ 2.18% USD/GTQ 7.62 ▲ 2.29% USD/HNL 26.74 ▲ 0.88% USD/NIO 36.62 ▲ 0.31% USD/VES 736.04 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.69 ▲ 0.48% USD/TTD 6.73 ▲ 1.11% EUR/BRL 5.78 ▼ 0.33% BRENT 86.95 ▼ 7.57% WTI 91.95 ▲ 5.90% IRON ORE 161.91 — — COPPER 6.37 ▼ 1.33% GOLD 4,059 ▼ 2.12% SILVER 57.97 ▼ 3.42% SOY 1,243 ▲ 0.79% CORN 484.50 ▲ 4.87% WHEAT 696.50 ▼ 1.31% COFFEE 311.20 ▼ 1.72% SUGAR 14.69 ▼ 0.34% ORANGE JUICE 147.35 ▼ 1.96% COTTON 81.49 ▲ 2.03% COCOA 5,223 ▼ 1.97% BEEF 220.80 ▼ 1.08% CATTLE 339.43 ▼ 0.51% LITHIUM 68.81 ▼ 0.28% PETR4 43.29 ▲ 1.67% VALE3 76.78 ▲ 2.24% ITUB4 42.52 ▼ 0.89% BBDC4 18.82 ▼ 0.79% ABEV3 16.00 ▼ 0.81% BBAS3 20.98 ▼ 0.52% B3SA3 15.72 ▼ 1.13% WEGE3 45.38 ▼ 2.91% PRIO3 61.20 ▲ 2.39% SUZB3 42.19 ▼ 1.10% RENT3 36.81 ▼ 0.89% AZZA3 17.30 ▼ 2.86% CSAN3 3.93 ▲ 0.26% RAIZ4 0.28 ▲ 3.70% PCAR3 2.77 ▲ 0.73% GMAT3 3.89 ▼ 0.51% PSSA3 55.38 ▼ 0.13% CVCB3 1.25 ▼ 1.57% POSI3 3.67 ▼ 0.81% SLCE3 13.97 ▲ 0.07% NATU3 8.64 ▼ 0.46% BRKM5 6.18 ▲ 1.81% RANI3 7.99 ▼ 0.13% CSNA3 5.48 ▲ 1.86% CMIN3 5.74 ▼ 1.71% USIM5 8.65 — 0.00% GGBR4 24.34 ▲ 1.16% ENEV3 25.65 ▼ 1.23% CPFE3 46.48 ▼ 0.49% CMIG4 11.23 ▲ 0.18% EQTL3 38.80 ▼ 1.40% LREN3 13.34 ▼ 1.48% VIVT3 34.94 ▼ 1.24% RAIL3 13.84 ▲ 1.47% KLABIN 17.63 ▼ 1.67% RAIA DROGASIL 18.57 ▲ 1.53% RDOR3 33.84 ▼ 1.88% HAPV3 10.98 ▼ 3.60% FLRY3 16.65 — 0.00% SMTO3 16.19 ▲ 0.87% UGPA3 33.15 ▲ 0.97% VBBR3 35.19 ▲ 0.60% BBSE3 42.48 ▼ 0.23% BPAC11 56.19 ▼ 1.46% CURY3 29.67 ▼ 1.76% AERI3 2.04 ▼ 0.49% VIVARA 21.39 ▼ 0.74% COMPASS 24.84 ▲ 0.12% VAMOS 3.17 ▼ 1.86% SANB11 26.81 ▼ 0.52% ASAI3 8.21 ▼ 2.26% SBSP3 28.96 ▼ 1.13% WALMEX 47.36 ▼ 2.65% GMEXICO 211.95 ▼ 1.42% FEMSA 226.21 ▼ 0.67% CEMEX 21.88 ▼ 1.31% GFNORTE 191.19 ▼ 0.22% BIMBO 60.06 ▼ 0.40% TELEVISA 9.69 ▼ 1.32% AMX 22.72 ▲ 0.13% GAP 379.23 ▲ 0.66% ASUR 270.43 ▼ 1.13% OMA 228.66 ▼ 0.02% KOF 181.42 ▼ 0.67% GRUMA 276.48 ▼ 1.42% KIMBER 38.79 ▼ 0.08% SQM-B 66,526 ▲ 2.26% COPEC 6,500 ▼ 0.76% BSANTANDER 80.22 ▲ 0.46% FALABELLA 6,040 ▼ 0.04% ENELAM 84.73 ▲ 0.24% CENCOSUD 2,005 ▼ 0.24% CMPC 1,072 ▲ 0.16% BANCO CHILE 194.10 ▲ 0.31% LATAM AIR 23.54 ▼ 2.28% YPF 83,150 ▲ 0.79% GGAL 8,075 ▼ 2.42% PAMPA 5,620 ▼ 0.09% TXAR 665.50 ▼ 0.37% ALUAR 974.00 — 0.00% TGS 10,040 ▲ 1.36% CEPU 2,391 ▼ 0.83% MIRGOR 16,975 ▲ 0.30% COME 42.70 ▼ 1.02% LOMA NEGRA 3,773 ▼ 0.98% BYMA 292.75 ▼ 0.93% TELECOM ARG 4,268 ▼ 3.45% ECOPETROL 16.78 ▲ 0.54% BANCOLOMBIA 86.30 ▲ 1.94% GRUPO AVAL 4.99 ▼ 0.99% CREDICORP 393.02 ▼ 0.17% SOUTHERN COPPER 185.42 ▼ 5.15% BUENAVENTURA 31.35 ▼ 2.31% MERCADOLIBRE 1,780 ▼ 1.08% NUBANK 14.34 ▼ 1.21% XP 17.18 ▼ 0.69% PAGSEGURO 9.49 ▼ 1.91% STONE 11.08 ▼ 2.51% GLOBANT 29.91 ▼ 2.49% TECNOGLASS 44.74 ▼ 1.06% GAP AIRPORT 216.32 ▼ 0.56% ASUR 270.43 ▼ 1.13% OMA AIRPORT 104.39 ▼ 0.91% AMX ADR 25.93 ▼ 0.73% FEMSA ADR 129.18 ▼ 1.33% CEMEX ADR 12.45 ▼ 2.16% PETROBRAS ADR 19.25 ▲ 1.88% VALE ADR 15.10 ▲ 1.65% ITAU ADR 8.38 ▼ 1.24% SANTANDER BR 5.38 ▼ 1.38% AMBEV ADR 3.12 ▼ 0.80% CSN 1.10 ▲ 0.46% GERDAU 4.80 ▲ 0.52% LATAM ADR 49.78 ▼ 2.90% BTC 64,682 ▼ 2.15% ETH 1,882 ▼ 2.68% SOL 75.83 ▼ 2.67% XRP 1.10 ▼ 3.31% BNB 564.04 ▼ 1.18% ADA 0.17 ▼ 3.33% DOGE 0.07 ▼ 5.62% AVAX 6.39 ▼ 3.43% LINK 8.42 ▼ 2.40% DOT 0.81 ▼ 2.78% LTC 46.25 ▼ 1.74% BCH 213.37 ▼ 3.00% TRX 0.33 ▼ 0.73% XLM 0.18 ▼ 3.59% HBAR 0.07 ▼ 2.43% NEAR 1.87 — 0.00% ATOM 1.43 ▼ 2.43% AAVE 95.34 ▼ 2.07% SELIC 14.25% EMBRAER 83.79 — 0.00% EMBRAER ADR 66.12 ▲ 0.11% JBS 12.10 ▼ 1.22% JBS BDR 61.44 ▼ 0.58% MBRF3 15.99 ▼ 0.25% MBRFY 3.14 ▼ 1.57% INTER 5.52 ▼ 3.08% EGX 53,932 ▼ 0.11% USD/ZAR 16.74 ▲ 2.00% USD/NGN 1,366 ▼ 0.27% NIKKEI 66,423 ▲ 0.46% CSI300 4,728 ▲ 0.23% HSI 25,211 ▲ 1.28% NIFTY 23,870 ▼ 0.53% KOSPI 7,097 ▲ 4.40% JCI 6,315 ▼ 0.30% USD/JPY 163.91 ▲ 0.50% USD/CNY 6.7646 ▲ 0.01% DAX 24,789 ▼ 1.46% CAC 8,300 ▼ 1.63% FTSE 10,639 ▼ 0.73% MIB 51,470 ▼ 2.51% IBEX 19,284 ▼ 1.47% STOXX 639.73 ▼ 1.11% EUR/USD 1.1374 ▼ 0.31% GBP/USD 1.3320 ▼ 0.42% SPX 7,407 ▼ 1.23% DJI 51,741 ▼ 0.91% NDX 28,442 ▼ 1.92% RUT 2,939 ▼ 0.72% TSX 35,264 ▼ 0.62% VIX 19.18 ▲ 15.26% USD/CAD 1.4088 ▲ 0.04% US10Y 4.7050 ▲ 1.03%
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Thursday, July 23, 2026

Latin America Analysis

Ecuador At A Breaking Point: Can Noboa Steer The Country Back From The Brink?

By · October 16, 2025 · 3 min read

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(Analysis) Ecuador is facing its gravest security crisis in a generation. Since January 2024, the government has treated the fight against drug cartels and allied gangs as an “internal armed conflict,” deploying the military alongside police and repeatedly renewing states of exception across crime-hit provinces.

The stakes rose in October with an attack on President Daniel Noboa’s convoy amid weeks of protests triggered by diesel subsidy cuts. The question now is whether Noboa can survive—physically and politically—long enough to bend the curve of violence.

The numbers are stark. Ecuador registered 4,619 homicides in the first half of 2025—about 25.5 per 100,000 people—putting the country on pace for one of the highest annual rates in the Americas if trends do not reverse.

Three engines drive the bloodshed. First, cocaine logistics: cartels use Ecuador’s container ports to move product to Europe and North America, contaminating cargo at private terminals around Guayaquil and in Posorja.

By some recent law-enforcement tallies, roughly 30% of maritime container cocaine detected worldwide in 2023–2024 listed an Ecuadorian load port. Second, prisons: gang rivalries that began behind bars continue to incubate massacres and targeted killings.

Ecuador At A Breaking Point: Can Noboa Steer The Country Back From The Brink? (Photo Internet reproduction)
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Third, illegal mining: fast money from gold, especially along the northern frontier, has attracted armed groups and fueled deadly ambushes on security forces.

Noboa’s answer has been to push harder. In 2025, Ecuador tightened criminal penalties, sped up asset seizures, and expanded legal protections for security forces.

Cooperation with the United States deepened as Washington labeled Los Choneros and Los Lobos as terrorist organizations and pledged fresh funding and equipment for counternarcotics and maritime surveillance.

Quito is also moving toward a constitutional change to allow foreign military bases, with a national vote scheduled for November 16.

Supporters see a necessary escalation; critics warn of overreach, rights abuses, and a strategy that risks provoking gangs faster than the state can degrade them.

The president also faces a legitimacy test at home. Fuel subsidy cuts and tax changes, including a VAT hike earlier in the year, have strained household budgets and mobilized Indigenous organizations and unions.

October’s emergency decrees calmed some blockades but did not settle the underlying economic grievances. For now, Noboa retains a significant base of approval after winning a full term in April, but public patience will depend on results: fewer murders, safer ports, and visible gains in prison control.

What happens in Ecuador matters well beyond its borders—especially for Brazil and the wider region. Ecuador sits between Colombia and Peru, the world’s largest cocaine producers, and its ports are key to Atlantic trade routes.

When criminal networks capture logistics hubs, exporters face higher insurance and security costs, and cross-border crime—from arms to environmental offenses linked to illegal mining—spills into neighbors.

Stabilization in Ecuador would mean cleaner supply chains, less extortion risk for shippers, and fewer opportunities for transnational gangs to expand.

The roadmap to get there is clear but difficult: sustained 100% scanning and tighter governance at high-risk terminals; professionalized prison management with vetted staff and isolation of gang leaders; targeted strikes on illegal mining networks paired with legal livelihoods in affected areas; and economic sequencing that cushions vulnerable groups while the state regains control.

Noboa’s survival—of both his government and his broader project—hinges on turning these measures into a month-by-month decline in homicides and a measurable drop in contaminated containers. Without that, Ecuador’s breaking point will become a new normal.

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