Andeans Macro Daily(Beta Mode)
Colombia Bonds Rally on Far-Right Advance
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 41.05 | -2.22% |
| MSCI Peru | 85.88 | +0.13% |
| USD/COP | 3,553.00 | -3.43% |
| USD/CLP | 891.61 | +0.23% |
| USD/PEN | 3.40 | +0.11% |
| Copper | 6.61 | +1.38% |
| Gold | 4,559.80 | +1.89% |
| Brent Crude | 93.58 | -1.47% |
| Bitcoin | 69,362.12 | -2.74% |
| 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 (2026-03-01) | Range: 0.54–11.25 | Trend(5pt): 0.54,10.75,9,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Colombia’s far-right candidate advances to runoff, lifting dollar bonds
- MSCI Chile drops 2.22% after minimal Q2 economic growth print
- COP strengthens 3.43% while copper rises 1.38% supporting Peru
Yesterday's Recap
Colombian markets reacted positively to Abelardo de la Espriella’s surprise first-round victory, with dollar bonds rallying as investors priced reduced fiscal risk under a potential right-leaning administration. USD/COP fell sharply to 3,553.00, reflecting capital inflows and lower political premium. In Chile, the central bank reported near-flat monthly activity at the start of the second quarter, weighing on equities and sending MSCI Chile to 41.05.
Copper climbed to 6.61, providing modest support to Peruvian assets where MSCI Peru edged up 0.13%. Brent crude slipped to 93.58, adding mild pressure on Colombia’s external accounts. Gold rose to 4,559.80, offering limited offset for Andean miners.
Overall regional FX moves remained contained with USD/CLP and USD/PEN showing only fractional gains.
The Day Ahead
Markets enter a data-light period with no major Andean releases scheduled. Attention stays on Colombia’s runoff campaign rhetoric and any fiscal signals from the incoming administration. Copper and oil price action will continue to drive Chile and Colombia sentiment.
Peru’s external accounts remain supported by elevated gold prices. Regional central banks are expected to stay on hold pending fresh inflation prints next week.
Other Economic Notes
Chile’s soft activity reading reinforces the view that domestic demand remains subdued despite earlier rate cuts. Colombia’s stronger currency should ease imported inflation pressures but may weigh on non-traditional exports. Peru continues to benefit from mining royalty inflows that are tracking above prior-year levels.
Broader commodity strength supports fiscal balances in Chile and Peru while Colombia faces ongoing oil revenue volatility.
Global Macro News
Copper’s advance reflects sustained global demand and supply concerns, directly benefiting Chile and Peru’s terms of trade. Gold’s rally provides a buffer for Andean current accounts amid geopolitical uncertainty. Brent’s decline adds fiscal headwinds for Colombia’s budget execution.
US tariff developments on metals create mixed signals for regional exporters. Emerging-market flows have turned modestly supportive following the Colombian election outcome. <i>↓ p.2</i>
