Andeans Macro Daily(Beta Mode)
Andean Equities Slip as Brent Plunges, Copper Rises
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.29 | -1.13% |
| MSCI Peru | 82.60 | -1.09% |
| USD/COP | 3,635.95 | -1.20% |
| USD/CLP | 893.70 | -0.33% |
| USD/PEN | 3.40 | +2.22% |
| Copper | 6.38 | +0.61% |
| Gold | 4,535.50 | +0.32% |
| Brent Crude | 95.66 | -7.61% |
| Bitcoin | 77,186.60 | -0.12% |
| 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 Rate | Type: macro_line | Percent: 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 and Peru fall over 1% while Colombia holds steady amid divergent commodity moves
- COP strengthens 1.2% as USD/CLP eases modestly and PEN weakens sharply versus the dollar
- Copper gains 0.61% while Brent crude drops 7.61%, highlighting fiscal contrasts across the bloc
Yesterday's Recap
Chilean and Peruvian equity markets declined as MSCI Chile dropped 1.13% to 40.29 and MSCI Peru fell 1.09% to 82.60. Colombia’s MSCI index remained unchanged at 9.02. The Colombian peso strengthened notably with USD/COP declining 1.20% to 3,635.95.
In contrast, USD/PEN rose 2.22% to 3.40 while USD/CLP eased 0.33% to 893.70. Copper advanced 0.61% to 6.38, providing support for Chile and Peru’s external balances, whereas Brent crude’s sharp 7.61% decline to 95.66 weighed on Colombia’s fiscal outlook. Gold edged higher 0.32% to 4,535.50 with limited immediate Andean impact.
Chile’s short-term rate held at 4.50%.
The Day Ahead
No major data releases are scheduled across Colombia, Chile or Peru. Markets will monitor ongoing commodity price volatility for signals on trade balances and fiscal revenues. Ecopetrol’s announced OPA for control of Brava may draw limited equity attention in Colombia but carries minimal macro weight.
Central bank communications remain absent, leaving focus on external drivers such as global oil and copper movements. Investors will assess any follow-through from yesterday’s FX shifts in the absence of domestic catalysts.
Other Economic Notes
Copper’s advance continues to bolster Chile’s fiscal arithmetic through higher Codelco revenues and Peru’s mining royalty collections. Brent’s steep drop narrows Colombia’s near-term oil-linked income and widens the current-account gap relative to peers. Equity underperformance in Chile and Peru reflects commodity differentiation rather than broad risk aversion.
Lithium market softness persists without altering BCCh policy signals. Regional fiscal positions diverge sharply along commodity lines.
Global Macro News
Brent’s 7.61% plunge signals softer global energy demand that hits Colombia hardest among Andean economies. Copper’s modest gain points to resilient Chinese industrial demand, directly aiding Chile and Peru’s export receipts. Gold’s small advance offers marginal support for Peruvian medium-scale miners without fiscal pass-through.
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