Andeans Macro Daily(Beta Mode)
Andeans Rally on Copper, Gold Strength
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 42.05 | +3.78% |
| MSCI Peru | 81.84 | +4.18% |
| USD/COP | 3,704.90 | -0.21% |
| USD/CLP | 891.74 | -1.45% |
| USD/PEN | 3.46 | -0.72% |
| Copper | 6.22 | +1.38% |
| Gold | 4,742.90 | +1.30% |
| Brent Crude | 98.51 | -2.73% |
| Bitcoin | 80,881.78 | -0.67% |
| 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 | Chile Short-Term Rate: 4.5 (2026-02-01) | Range: 0.32–11.25 | Trend(5pt): 0.32,9.75,9.44,5.15,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean equities advanced, with MSCI Chile up 3.78% and MSCI Peru up 4.18% driven by copper and gold price gains, while MSCI Colombia stayed flat amid Brent crude's decline.
- Regional currencies firmed versus the USD, with CLP leading at 1.45% appreciation, followed by PEN at 0.72% and COP at 0.21%, buoyed by commodity trends.
- Key news featured Colombia's bitcoin mining proposal on clean energy and Chile's solar panel thefts, alongside LatAm events like Brazil's Lula-Trump economic talks.
Yesterday's Recap
Andean markets delivered robust performances fueled by commodity dynamics, as MSCI Chile climbed 3.78% to 42.05 on copper's 1.38% advance to 6.22, underscoring Chile's export dependence on mining. MSCI Peru rose 4.18% to 81.84, aided by gold's 1.30% uptick to 4,742.90, which bolsters Peru's trade balance with consistent mining activity. MSCI Colombia held steady at 9.02, weighed down by Brent crude's 2.73% fall to 98.51, critical for Colombia's budget stability.
In FX, USD/CLP decreased 1.45% to 891.74 thanks to copper support, USD/PEN dropped 0.72% to 3.46 on gold momentum, and USD/COP slipped 0.21% to 3,704.90 despite oil pressures. Notable headlines included Colombia's President Petro advocating the Caribbean coast as a bitcoin mining center powered by excess clean energy, aiming for economic diversification, while Chile grappled with solar panel thefts during its renewable energy expansion. Bitcoin fell 0.67% to 80,881.78, slightly dampening interest in Petro's idea.
These developments contributed to tighter sovereign spreads, with Chile's short-term rate unchanged at 4.50%.
The Day Ahead
No significant economic data is slated for release today, so Andean assets are expected to follow international commodity movements, especially copper and gold, which may sustain upside for Chile and Peru if Chinese demand indicators strengthen. Markets will watch for updates on Colombia's bitcoin mining plan, potentially affecting COP fluctuations. Chile's BCCh might publish minutes from its latest session, offering clues on monetary policy amid the steady 4.50% short-term rate.
Peru's BCRP could engage in subtle FX management to maintain PEN stability following its recent gains. Regional influences, such as Brazil's President Lula meeting Trump at the White House to address economy and security, may impact Andean investor confidence through trade linkages. Trading is anticipated to be subdued without major catalysts, with eyes on upcoming mining production figures next week.
Other Economic Notes
Andean economies remain tied to commodities, where Chile and Peru gain from copper and gold surges that improve fiscal positions and external accounts, possibly contributing 0.3-0.7 percentage points to quarterly GDP expansion. (cont...)
