Andeans Macro Daily(Beta Mode)
Andean Assets Slide on Commodity Weakness
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.06 | -4.28% |
| MSCI Peru | 74.27 | -3.08% |
| USD/COP | 3,715.91 | +0.68% |
| USD/CLP | 927.73 | +1.67% |
| USD/PEN | 3.48 | +0.66% |
| Copper | 5.31 | -0.55% |
| Gold | 4,263.10 | -6.72% |
| Brent Crude | 108.27 | -3.49% |
| Bitcoin | 68,564.39 | +1.06% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Short-Term Rate | Type: macro_line | Chile Short-Term Rate: 4.5 (2026-01-01) | Range: 0.3–11.25 | Trend(6pt): 0.3,8.77,10.25,5.4,4.64,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities declined sharply, with MSCI Chile down 4.28% and MSCI Peru off 3.08%, amid falling copper and gold prices.
- Currencies weakened against the USD, led by USD/CLP up 1.67%, reflecting global risk aversion and commodity pressures.
- Brent crude dropped 3.49%, adding fiscal strain to Colombia, while Bitcoin rose 1.06% but offered limited regional impact.
Yesterday's Recap
Andean markets faced significant pressure from commodity declines and a strengthening USD. The MSCI Chile index fell 4.28% to 38.06, driven by copper's 0.55% drop to $5.31 per pound, which hampers mining revenues and export earnings for key players like Antofagasta. MSCI Peru decreased 3.08% to 74.27, hit by gold's 6.72% plunge to $4,263.10 per ounce, reducing income for producers such as Buenaventura and straining the current account.
MSCI Colombia remained flat at 9.02 with a 0.00% change, but USD/COP increased 0.68% to 3,715.91 as Brent crude slid 3.49% to $108.27 per barrel, challenging oil-reliant budgets. Other currencies depreciated notably: USD/CLP rose 1.67% to 927.73, and USD/PEN climbed 0.66% to 3.48, underscoring investor caution in emerging markets. Chile's short-term rate declined to 4.50% with a -3.02% change, suggesting potential easing amid economic strains.
No major local data was released, shifting attention to global commodity trends that exposed Andean vulnerabilities to external shocks.
The Day Ahead
No economic data releases or events are scheduled for Colombia, Chile, or Peru. Market participants will track commodity movements, especially copper and oil, for cues on regional FX and equity performance. Possible unscheduled statements from central banks like BanRep, BCCh, or BCRP could emerge in response to currency weakness.
Spillover from Latin American news, including Brazil's inflation risks from Middle East conflicts, may affect sentiment. U.S. market developments and USD strength could drive volatility, with traders alert for FX interventions, particularly by Peru's BCRP to support the PEN.
Other Economic Notes
Andean economies remain tied to commodities, with Chile and Peru vulnerable to copper and gold downturns that could shave 0.3-0.5% off GDP growth if sustained. Colombia's fiscal position is under stress from oil price volatility, delaying deficit reduction amid policy hurdles. Chile's lithium sector promises future gains but faces setbacks from low prices, curbing investments and revenues.
Regional themes include managing FX reserves to counter depreciation, with potential for increased interventions if global risks persist.
