Andeans Macro Daily(Beta Mode)
Andeans Dip on Oil Slump, Copper Gains
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.28 | -1.54% |
| MSCI Peru | 76.15 | -0.69% |
| USD/COP | 3,666.96 | -0.14% |
| USD/CLP | 928.21 | +0.59% |
| USD/PEN | 3.49 | +2.63% |
| Copper | 5.52 | +0.80% |
| Gold | 4,573.50 | +1.05% |
| Brent Crude | 108.15 | -4.11% |
| Bitcoin | 66,727.11 | +0.05% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Price | Type: macro_line | Brent Price: 103.8 (2026-03-23) | Range: 59.93–133.2 | Trend(5pt): 63.85,119.8,96.64,72.12,103.8
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities softened amid Brent crude's sharp decline, with Chile and Peru indices down 1.54% and 0.69%, respectively, offset by copper's 0.80% rise.
- FX markets showed USD strength against CLP (+0.59%) and PEN (+2.63%), while COP appreciated 0.14% versus USD.
- Commodities mixed: gold up 1.05% supporting Peru, Brent down 4.11% pressuring Colombia's oil-dependent economy.
Yesterday's Recap
Andean markets closed mixed on March 30, with equities under pressure from falling oil prices but buoyed by gains in key metals. MSCI Chile fell 1.54% to 38.28, reflecting broader risk-off sentiment despite copper's 0.80% advance to 5.52, which typically supports Chile's mining-heavy exports. MSCI Peru declined 0.69% to 76.15, even as gold rose 1.05% to 4,573.50, aiding Peru's gold production sector.
MSCI Colombia held flat at 9.02 with a 0.00% change, though Brent crude's 4.11% drop to 108.15 weighed on oil revenues, critical for Colombia's fiscal balance. FX dynamics diverged: USD/CLP climbed 0.59% to 928.21 on global dollar strength, while USD/PEN surged 2.63% to 3.49, signaling potential BCRP intervention needs; USD/COP eased 0.14% to 3,666.96, offering slight relief to Colombia's import costs. Chile's short-term rate dropped 3.02% to 4.50%, indicating easing pressures, though no major data releases occurred across the bloc.
Overall, commodity volatility dominated, with Peru and Chile benefiting from metals while Colombia faced headwinds from energy prices.
The Day Ahead
March 31 brings a quiet calendar for Andean economies, with no major data releases scheduled across Colombia, Chile, or Peru. Investors will monitor end-of-month FX flows, particularly for USD/CLP and USD/PEN, as commodity exporters in Chile and Peru manage trade surpluses amid copper and gold strength. Potential focus on Colombia's tech sector developments, following news of funding challenges for its budding hubs, which could influence foreign investment sentiment.
Broader market attention may shift to global cues, but Andean traders anticipate stability unless external shocks arise. Expect low volatility unless commodity prices swing sharply overnight.
Other Economic Notes
Broader Andean themes highlight commodity dependence, with Chile and Peru leveraging copper and gold rallies to bolster trade balances, while Colombia grapples with oil volatility impacting its current account deficit. Political risks persist, notably in Colombia where fiscal reforms face congressional hurdles, potentially widening sovereign spreads if deficits exceed targets. Emerging sectors like Chile's lithium production offer diversification, with export volumes projected to rise amid global EV demand, supporting long-term growth prospects.
