Andeans Macro Daily(Beta Mode)
Andean Stocks Slide, FX Mixed
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.28 | -3.35% |
| MSCI Peru | 81.95 | -3.21% |
| USD/COP | 3,683.05 | -0.55% |
| USD/CLP | 917.11 | +2.25% |
| USD/PEN | 3.45 | +0.89% |
| Copper | 5.81 | -0.21% |
| Gold | 5,101.30 | -0.28% |
| Brent Crude | 99.41 | -1.05% |
| Bitcoin | 72,383.60 | +2.68% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.64% | -2.32% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
USD/CLP Rate | Type: market_hloc | USD/CLP: 918 (2026-03-13) | Range: 852.4–918 | Trend(6pt): 909.8,893.4,859.8,865.7,888.7,918
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities weakened, with Chile and Peru indices down over 3% amid commodity dips.
- Currencies diverged: COP strengthened 0.55%, while CLP and PEN depreciated.
- Global context pressured region, with Chile's new leadership adding political uncertainty.
Yesterday's Recap
Andean markets displayed mixed performances on March 12, with Chile and Peru facing headwinds from commodity price softness and global risk aversion. The MSCI Chile index fell 3.35% to 39.28, driven by a 0.21% drop in copper prices to 5.81, reflecting concerns over demand from major importers like China. Similarly, the MSCI Peru index declined 3.21% to 81.95, influenced by a 0.28% decrease in gold to 5,101.30 and ongoing mining sector vulnerabilities.
In contrast, the MSCI Colombia index held steady at 9.02 with no change, supported by a 0.55% appreciation in the COP to 3,683.05 against the USD, offsetting a 1.05% fall in Brent crude to 99.41. Chile's short-term rate eased 2.32% to 4.64%, signaling potential monetary loosening amid economic pressures. The USD/CLP rose 2.25% to 917.11, exacerbating inflation risks for importers, while USD/PEN increased 0.89% to 3.45, adding to Peru's external vulnerabilities.
Overall, these moves highlighted the region's sensitivity to commodity cycles, with Chile and Peru bearing the brunt of the downturn.
The Day Ahead
March 13 brings a quiet calendar for Andean economies, with no major data releases scheduled across Colombia, Chile, or Peru. Investors will monitor any spillover from global markets, particularly U.S. Treasury movements that could influence EM FX dynamics.
In Chile, attention may turn to early policy signals from newly inaugurated President José Antonio Kast, whose far-right stance raises questions on environmental regulations and foreign investment in mining, as seen in recent bilateral ties with Morocco. Peru could see focus on commodity price trends potentially affecting mining output. Colombia remains subdued, but oil price volatility might drive intraday COP fluctuations.
Overall, the lack of events suggests Andean assets will track broader EM sentiment.
Other Economic Notes
Broader Andean themes underscore persistent commodity dependence, with Chile and Peru's economies tied to copper and gold cycles amid global demand uncertainties. Political shifts, such as Chile's new leadership under Kast, introduce risks to fiscal stability and environmental policies, potentially impacting mining investments. Fiscal balances remain a watchpoint, especially in Colombia where oil revenues support surpluses, contrasting with deficit pressures in Chile from social spending demands.
