Andeans Macro Daily(Beta Mode)
Andean Stocks Dip on Brent Slump
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 42.62 | -3.49% |
| MSCI Peru | 82.02 | -3.30% |
| USD/COP | 3,576.75 | -0.05% |
| USD/CLP | 889.05 | +0.89% |
| USD/PEN | 3.44 | -0.00% |
| Copper | 6.06 | +0.92% |
| Gold | 4,775.30 | +1.64% |
| Brent Crude | 94.08 | -4.47% |
| Bitcoin | 78,246.02 | +2.48% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Policy Rate | Type: macro_line | Rate %: 4.5 (2026-02-01) | 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 weakened amid falling oil prices, with Chile and Peru hit hardest by commodity volatility.
- Copper and gold gains provided some offset, supporting mining sectors in CL and PE.
- FX moves were muted, with CLP depreciating slightly against a steady USD backdrop.
Yesterday's Recap
Andean markets experienced mixed performance on April 21, with equities under pressure from a sharp Brent crude decline. MSCI Chile fell 3.49% to 42.62, reflecting vulnerability to commodity swings despite copper's 0.92% rise to 6.06, as broader concerns lingered for Chilean miners. MSCI Peru dropped 3.30% to 82.02, even as gold surged 1.64% to 4,775.30, benefiting exporters but not enough to counter broader risk-off sentiment.
MSCI Colombia held flat at 9.02 with a 0.00% change, cushioned by stable oil exposure though Brent's 4.47% drop to 94.08 weighed on sentiment. FX dynamics showed USD/CLP appreciating 0.89% to 889.05, pressuring Chile's import costs, while USD/COP eased 0.05% to 3,576.75 and USD/PEN remained unchanged at 3.44. No major data releases occurred across the bloc, allowing markets to digest global commodity shifts.
Bitcoin's 2.48% gain to 78,246.02 had minimal Andean impact, though it noted crypto interest in Chile's energy sector.
The Day Ahead
The Andean calendar remains light on April 22, with no scheduled economic releases or events across Colombia, Chile, or Peru, shifting focus to external drivers like commodity prices. Traders will monitor copper futures closely, given Chile and Peru's export reliance, amid reports of Chinese output records potentially capping upside. Oil volatility could influence Colombia's fiscal outlook, especially with Brent's recent slide amplifying deficit concerns.
Attention may turn to global cues, including any US-Iran talks that could stabilize energy markets. Peru's mining sector might see updates on exploration programs, following announcements like Pecoy Copper's surveys. Overall, expect quiet trading unless broader EM sentiment shifts.
Other Economic Notes
Broader Andean themes highlight diverging commodity dependencies, with Chile and Peru benefiting from copper's resilience amid global demand hopes, while Colombia grapples with oil's downturn eroding fiscal revenues. Political risks persist, including reports on UAE-backed Colombian mercenaries providing support in Sudan, potentially elevating sovereign spreads. Digital transformation efforts, inspired by regional peers like Brazil, could boost productivity in Peru's economy.
