Andeans Macro Daily(Beta Mode)
Gold Lifts Peru While Oil Hits Colombia
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 41.98 | +0.05% |
| MSCI Peru | 85.09 | +0.48% |
| USD/COP | 3,638.62 | +0.08% |
| USD/CLP | 889.84 | -0.47% |
| USD/PEN | 3.40 | +1.76% |
| Copper | 6.39 | -0.06% |
| Gold | 4,545.00 | +1.02% |
| Brent Crude | 91.40 | -2.47% |
| Bitcoin | 73,226.84 | -0.42% |
| 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 vs Copper | 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 Peru gains 0.48% while USD/PEN rises 1.76% to 3.40
- Brent crude falls 2.47% to 91.40, weighing on Colombia fiscal outlook
- Chile short-term rate holds at 4.50% as BCCh maintains easing path
Yesterday's Recap
Andean equity markets posted modest gains on May 28. MSCI Peru climbed 0.48% to 85.09 while MSCI Chile edged 0.05% higher to 41.98 and MSCI Colombia was unchanged at 9.02. USD/PEN jumped 1.76% to 3.40 and USD/COP rose 0.08% to 3,638.62, but USD/CLP fell 0.47% to 889.84.
Copper slipped 0.06% to 6.39 while gold rose 1.02% to 4,545.00 and Brent crude dropped 2.47% to 91.40, trimming Colombia’s export revenues. Armed clashes in Colombia killed at least 52 fighters in a cocaine-producing region. Mineros S.A.
began phase two of share repurchases on the Colombian exchange while Codelco’s new chair signaled a profitability focus over volume growth. Brazil’s economy grew 1.1% in the first quarter on strong consumption.
The Day Ahead
No major economic releases are scheduled across Colombia, Chile or Peru on May 29. Traders will monitor copper and gold price action given their direct impact on fiscal and current-account balances in Chile and Peru. Colombia’s sovereign bond auction on June 4 remains the next visible event.
Regional central banks stay in focus ahead of BCCh minutes on May 30. Quiet calendars leave commodity and FX moves as primary market drivers.
Other Economic Notes
Andean economies remain tightly linked to commodity cycles. Copper price stability supports Chile’s fiscal forecasts while gold strength aids Peru’s mining exports. Oil weakness directly widens Colombia’s fiscal gap and reduces BanRep’s FX intervention capacity.
Lithium developments in Chile continue to draw investor attention as production guidance stays unchanged. External demand shocks transmit quickly through trade and fiscal channels in all three countries. Peru’s April trade surplus reached $1.85 billion, exceeding expectations on higher copper volumes.
Chile’s April CPI came in at 0.28% month-on-month, softer than consensus and reinforcing scope for further policy easing.
Global Macro News
Brazil’s economy expanded 1.1% in the first quarter, beating expectations on strong consumption. The ECB Deposit Rate sits at 2.00%, providing a stable external benchmark for Andean funding costs. Eurozone unemployment holds at 6.70%, signaling contained global labor-market pressure.
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