Andeans Macro Daily(Beta Mode)
Andean Markets Rally on Mideast Ceasefire
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 41.52 | +4.58% |
| MSCI Peru | 85.58 | +4.71% |
| USD/COP | 3,642.94 | -1.26% |
| USD/CLP | 897.50 | -2.07% |
| USD/PEN | 3.38 | -1.22% |
| Copper | 5.70 | -1.07% |
| Gold | 4,764.20 | +0.31% |
| Brent Crude | 98.50 | +3.96% |
| Bitcoin | 71,172.54 | +0.07% |
| 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 Rates | Type: macro_line | Chile Short-Term Rate: 4.5 (2026-01-01) | Range: 0.3–11.25 | Trend(5pt): 0.3,9.55,9.55,5.25,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities and currencies surged amid easing geopolitical tensions from a US-Iran ceasefire, with MSCI Chile up 4.58% and MSCI Peru up 4.71%.
- Chile's consumer prices jumped more than expected, reflecting fuel hike impacts, while copper prices dipped 1.07% but supported broader gains.
- Brent crude rose 3.96% to $98.50, bolstering Colombia's oil sector, though MSCI Colombia held flat at +0.00%.
Yesterday's Recap
Andean markets rallied sharply on news of a US-Iran ceasefire, easing Mideast tensions and boosting risk appetite. In Chile, consumer prices surged more than anticipated last month due to the nation's largest fuel cost increase in years, pressuring inflation but supporting equity gains as MSCI Chile climbed 4.58% to 41.52 amid copper's regional importance. Peru's MSCI index advanced 4.71% to 85.58, aided by gold's 0.31% rise to $4,764.20 and progress in solar capacity expansion at the Sunny complex reaching 345 MW.
Colombian assets showed mixed performance, with MSCI Colombia unchanged at +0.00% to 9.02 despite Brent crude's 3.96% jump to $98.50 benefiting oil exports. Currencies strengthened across the board, with USD/COP down 1.26% to 3,642.94, USD/CLP falling 2.07% to 897.50, and USD/PEN declining 1.22% to 3.38, reflecting improved sentiment. Chile also faced headlines on a copper smuggling ring shipping $917 million in stolen metal to Chinese buyers, highlighting supply chain vulnerabilities.
Overall, commodity volatility drove divergent moves, with Peru and Chile outperforming Colombia on metals exposure.
The Day Ahead
The Andean calendar remains quiet with no major data releases scheduled for today or tomorrow, allowing markets to digest recent geopolitical shifts. Investors will monitor any follow-up statements on the US-Iran ceasefire, which could further influence commodity prices and FX stability. In Peru, ongoing solar project developments may draw attention amid global energy transitions, potentially impacting fiscal planning.
Chile's short-term rate held at 4.50% after a 3.02% daily change, with traders eyeing any BCCh signals on inflation from the fuel-driven CPI spike. Broader focus shifts to global cues, including potential ECB commentary on its 2.00% deposit rate amid Eurozone unemployment at 6.70%. Expect Andean assets to track Brent and copper moves closely in the absence of local events.
Other Economic Notes
Broader Andean themes center on commodity dependence, with Chile and Peru vulnerable to copper price swings amid China's import slump signaling market power shifts. (cont...)
