Andeans Macro Daily(Beta Mode)
Ecuador Escalates Tariffs, Copper Gains
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 42.25 | +1.76% |
| MSCI Peru | 85.94 | +0.42% |
| USD/COP | 3,641.50 | -0.11% |
| USD/CLP | 892.79 | -0.49% |
| USD/PEN | 3.37 | -0.22% |
| Copper | 5.82 | +1.24% |
| Gold | 4,779.10 | -0.27% |
| Brent Crude | 96.34 | +0.44% |
| Bitcoin | 72,160.23 | +0.55% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Equity vs Copper | Type: market_hloc | MSCI Chile Price: 42.25 (2026-04-09) | Range: 38.06–47.37 | Trend(5pt): 43.87,47.19,44.73,39.77,42.25 | Copper Price: 5.826 (2026-04-10) | Range: 5.343–6.175 | Trend(6pt): 5.985,6.062,5.979,5.554,5.748,5.826
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Ecuador imposes 100% tariffs on Colombian imports, intensifying border dispute and pressuring CO trade balances.
- Andean equities mixed: MSCI Chile surges 1.76% on copper rally, Peru up 0.42%, Colombia flat amid FX stability.
- Currencies appreciate vs USD; copper +1.24% supports CL and PE, while oil edges up for CO.
Yesterday's Recap
Andean markets showed resilience amid global volatility, with no major data releases across the bloc. In Chile, MSCI Chile rose 1.76% to 42.25, driven by copper's 1.24% gain to $5.82 amid China demand shifts, bolstering export revenues that account for 55% of CL's total. Peru's MSCI Peru increased 0.42% to 85.94, supported by gold's minor dip of -0.27% to $4,779.10, aiding miners in a sector representing 60% of exports.
Colombia's MSCI Colombia held flat at 9.02 with no change, as Brent crude rose 0.44% to $96.34, providing slight fiscal relief for oil-dependent CO amid Ecuador's new 100% tariffs on its imports over border security issues. FX markets saw Andean currencies strengthen: USD/COP fell 0.11% to 3,641.50, USD/CLP dropped 0.49% to 892.79, and USD/PEN declined 0.22% to 3.37, reflecting commodity tailwinds despite broader USD strength. Chile's short-term rate adjusted to 4.50% with a -3.02% change, signaling ongoing policy easing effects.
Overall, the Ecuador-Colombia trade spat added political risk to CO's outlook, potentially widening its current account deficit if tariffs persist.
The Day Ahead
The Andean calendar remains quiet with no scheduled data releases or events for Colombia, Chile, or Peru. Investors will monitor any fallout from Ecuador's tariffs on Colombian trade flows, which could pressure CO's export volumes in the near term. Attention may shift to global commodity prices, particularly copper for CL and PE, amid reports of China's import slump signaling market power shifts.
Broader LatAm developments, such as Argentina's glacier mining bill approval, could influence regional mining sentiment. With no central bank meetings, FX traders will watch for intervention signals from BanRep or BCRP if currencies face renewed volatility. Expect Andean assets to track US inflation data and Fed rhetoric for directional cues.
Other Economic Notes
Andean economies remain heavily tied to commodities, with Chile and Peru benefiting from copper's rally amid China's market shifts, while Colombia grapples with oil price fluctuations and now trade tensions with Ecuador. Fiscal balances in the bloc are under scrutiny, as higher copper royalties bolster Chile's revenues, but Colombia's oil-dependent budget faces risks from geopolitical disputes. Emerging themes like lithium development in Chile highlight diversification efforts, though weak EV demand limits upside potential.
