Andeans Macro Daily(Beta Mode)
Chilean Stocks Slide as Peso Weakens; Peru Drops
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.24 | -2.24% |
| MSCI Peru | 80.01 | -4.63% |
| USD/COP | 3,796.77 | +0.23% |
| USD/CLP | 908.88 | +2.51% |
| USD/PEN | 3.43 | +0.23% |
| Copper | 6.23 | -0.42% |
| Gold | 4,534.10 | -0.48% |
| Brent Crude | 111.29 | +1.86% |
| Bitcoin | 76,760.80 | -0.86% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Short-Term Policy Rate | Type: macro_line | Policy Rate %: 4.5 (2026-03-01) | 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 | |||
- MSCI Chile falls 2.24% and MSCI Peru drops 4.63% on softer copper prices
- USD/CLP jumps 2.51% while USD/COP and USD/PEN each rise only 0.23%
- Brent crude gains 1.86% offering fiscal support to Colombia
Yesterday's Recap
Andean equity markets closed lower on May 17 amid commodity price softness. MSCI Chile declined 2.24% to 39.24 while MSCI Peru fell 4.63% to 80.01, reflecting reduced appetite for mining-exposed assets. Copper slipped 0.42% to 6.23 per pound, weighing directly on Chile’s Codelco royalties and Peru’s Antamina export revenues.
The Chilean peso weakened sharply as USD/CLP rose 2.51% to 908.88, amplifying imported inflation pressures. In contrast, Colombia’s MSCI index held steady at 9.02 and USD/COP edged up just 0.23% to 3,796.77, supported by Brent crude’s 1.86% advance to 111.29 per barrel. Gold’s 0.48% decline to 4,534.10 offered little offset for Peruvian and Colombian reserve accumulation.
Overall regional FX moves remained contained outside Chile.
The Day Ahead
Markets will monitor copper and oil price trajectories for further direction. With no major data releases scheduled for May 19, attention turns to external drivers including global risk sentiment and any comments from BCCh officials. Chile’s short-term rate remains at 4.50%, keeping policy expectations anchored.
Traders will also watch USD/CLP for signs of intervention by Chilean authorities if depreciation accelerates. Colombia’s fiscal accounts stand to benefit from sustained Brent levels above 110, while Peru’s current account may see modest pressure from softer mining output. Equity flows into ECH and EPU ETFs are likely to stay cautious until commodity volatility subsides.
Other Economic Notes
Andean economies remain tightly linked to commodity cycles, with copper accounting for over 50% of Chile’s export receipts and a sizable share of Peru’s fiscal surplus. Oil price strength at current levels improves Colombia’s primary balance but does little to narrow its structural current-account gap. Lithium price softness continues to limit upside for Chilean royalty income from SQM and Albemarle.
Political risk in Colombia around fiscal reform proposals keeps sovereign spreads elevated relative to Chile and Peru. Regional inflation trajectories diverge, with Chile’s annual rate near the BCCh midpoint while Colombia faces more persistent price pressures.
Global Macro News
Global risk assets showed mixed performance, with Brent crude advancing on supply concerns while copper eased. <i>↓ p.2</i>
