Andeans Macro Daily(Beta Mode)
Andean Assets Dip on Commodity Weakness
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.77 | -1.02% |
| MSCI Peru | 78.25 | -4.35% |
| USD/COP | 3,691.64 | -0.21% |
| USD/CLP | 914.36 | +0.82% |
| USD/PEN | 3.44 | +0.69% |
| Copper | 5.44 | -2.09% |
| Gold | 4,675.90 | -4.38% |
| Brent Crude | 108.52 | +1.06% |
| Bitcoin | 70,164.91 | -1.52% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
MSCI Peru vs Gold | Type: market_hloc | MSCI Peru: 78.25 (2026-03-18) | Range: 71.2–93.84 | Trend(5pt): 71.2,80.99,88.38,93.46,78.25 | Gold: 4684 (2026-03-19) | Range: 4314–5318 | Trend(5pt): 4361,4589,4920,5176,4684
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities declined amid falling copper and gold prices, with Peru's MSCI index dropping 4.35% and Chile's down 1.02%.
- Currencies showed mixed performance: COP appreciated 0.21% vs USD, while CLP and PEN weakened by 0.82% and 0.69% respectively.
- Commodity pressures mounted as copper fell 2.09% and gold slid 4.38%, offsetting Brent crude's 1.06% gain.
Yesterday's Recap
Andean markets experienced notable weakness yesterday, driven by commodity price declines impacting export-dependent economies. In Peru, the MSCI Peru index fell sharply by 4.35% to 78.25, reflecting vulnerability to gold's 4.38% drop to 4,675.90 amid global risk aversion. Chile's MSCI Chile index declined 1.02% to 39.77, pressured by copper's 2.09% retreat to 5.44, which weighs on the country's mining sector and fiscal revenues.
Colombia's MSCI Colombia index held flat at 9.02 with a 0.00% change, supported by Brent crude's 1.06% rise to 108.52, bolstering oil export prospects despite broader market caution. Currency movements varied: USD/COP eased 0.21% to 3,691.64 as the peso strengthened on oil gains, while USD/CLP rose 0.82% to 914.36 and USD/PEN increased 0.69% to 3.44, highlighting depreciation pressures from commodity softness. Chile's short-term rate dropped 3.02% to 4.50%, signaling easing expectations, though Colombia's 10Y government yield data was unavailable.
Overall, these moves underscore the region's sensitivity to global commodity cycles, with Peru and Chile facing the brunt of metals downturns.
The Day Ahead
With no major data releases scheduled for today, Andean markets will likely focus on global commodity trends and external risk factors influencing FX and equities. Investors in Chile and Peru may monitor copper and gold futures closely, as any rebound could support CLP and PEN amid recent depreciations. Colombia's oil-linked assets could react to Brent price fluctuations, potentially stabilizing COP if energy markets firm.
Broader attention will turn to any emerging news on mining sector developments, such as updates from Peruvian silver projects mentioned in recent reports. Absent local events, sentiment may hinge on global macro cues, including oil risks highlighted in Asian currency pressures. Traders should watch for any unscheduled announcements from Andean central banks on FX interventions.
Other Economic Notes
Broader economic themes in the Andeans emphasize commodity dependence, with Chile and Peru's growth tied to copper and gold exports amid global demand uncertainties. Fiscal balances remain a concern, particularly in Colombia where oil revenues support budget stability, while rising Brent prices offer short-term relief. (cont...)
