Copper prices have surged, driving the Chilean peso to outperform in emerging markets, as the U.S. implements a 10% tariff on China, according to Morgan Stanley's latest Global Macro Commentary dated February 4, 2025. The Chilean peso appreciated by 1.7% against the U.S. dollar, buoyed by rising copper prices, a key export for Chile. This comes amid a broader risk-on sentiment in global markets, with the S&P 500 gaining 0.7% and the Hang Seng up 2.8%. The U.S. 10-year Treasury yield fell by 4.4 basis points to 4.511% following a decline in U.S. job openings, which dropped to 7,600k, below the consensus of 8,000k. Morgan Stanley notes that the U.S. dollar weakened, with the Dollar Index (DXY) down 0.9%, as market participants reacted to the tariff developments and softer labor market data.