Andeans Macro Daily(Beta Mode)
Chile Holds Amid Fuel Inflation Surge
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.04 | +1.40% |
| MSCI Peru | 78.97 | +2.51% |
| USD/COP | 3,658.37 | -1.21% |
| USD/CLP | 920.61 | +0.35% |
| USD/PEN | 3.46 | +2.17% |
| Copper | 5.52 | -0.12% |
| Gold | 4,454.30 | -2.10% |
| Brent Crude | 101.49 | -0.71% |
| Bitcoin | 69,100.48 | -3.10% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Rate vs CPI | 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 | |||
- Chile's central bank held rates steady as fuel price hikes up to 54% threaten inflation outlook.
- Andean equities advanced, with Peru and Chile leading on mining strength despite commodity softness.
- FX diverged: COP gained versus USD, while CLP and PEN weakened amid EM volatility.
Yesterday's Recap
Andean markets displayed mixed performance yesterday, with MSCI Chile rising 1.40% to 39.04 and MSCI Peru climbing 2.51% to 78.97, fueled by mining sector resilience despite copper's minor 0.12% decline to $5.52 per pound. MSCI Colombia remained unchanged at 9.02 with a 0.00% shift, supported by steady oil conditions as Brent crude dropped 0.71% to $101.49 per barrel. Currency trends varied: USD/COP fell 1.21% to 3,658.37, signaling COP appreciation likely tied to positive Colombian fiscal views.
USD/CLP increased 0.35% to 920.61, weighing on the Chilean peso following the central bank's rate hold. USD/PEN rose 2.17% to 3.46, pressuring the Peruvian sol due to emerging market currency fluctuations. Chile's short-term rate decreased to 4.50% with a -3.02% change, hinting at market bets on future easing despite the pause.
Gold declined 2.10% to $4,454.30, creating challenges for Peru's mining exports, while Bitcoin fell 3.10% to $69,100.48, largely irrelevant to regional dynamics. No significant economic data was released, but commodity movements highlighted export dependencies for Chile and Peru.
The Day Ahead
No economic events or data releases are scheduled for Colombia, Chile, or Peru today, leaving markets attuned to global commodity signals, especially copper and oil, which may drive FX and equity shifts in Chile and Colombia. Persistent PEN depreciation could prompt BCRP FX interventions after yesterday's slide. EM flows might react to US Fed commentary, influencing Andean bond yields.
Watch for updates on Chile's fuel price adjustments, as they challenge fiscal resilience. Expect a subdued session with trading responsive to international developments.
Other Economic Notes
Andean economies remain tied to commodities, with Chile and Peru gaining from copper's relative firmness despite small dips, bolstering revenues amid Chinese demand. Colombia contends with oil price sensitivity, as Brent's fall strains exports and expands the current account gap. Chile's emerging lithium sector promises diversification, though oversupply depresses prices and related investments.
