Andeans Macro Daily(Beta Mode)
Andean Equities Slide Amid Currency Weakness
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.62 | -3.45% |
| MSCI Peru | 78.56 | -6.28% |
| USD/COP | 3,588.55 | +0.30% |
| USD/CLP | 911.43 | +1.76% |
| USD/PEN | 3.47 | +4.03% |
| Copper | 6.38 | +1.92% |
| Gold | 4,360.90 | +0.55% |
| Brent Crude | 93.87 | +0.84% |
| Bitcoin | 63,456.00 | +0.34% |
| 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 CPI | Type: macro_line | Policy 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 | |||
- MSCI Chile and Peru fell sharply while Colombia held steady amid broad FX pressure.
- Copper rose 1.92% supporting Chile’s fiscal outlook, yet equity and currency weakness dominated.
- Chile inflation undershot forecasts, reinforcing BCCh caution ahead of policy decisions.
Yesterday's Recap
Chilean and Peruvian assets led downside moves across the Andean region. MSCI Chile declined 3.45% to 38.62 and MSCI Peru dropped 6.28% to 78.56, while MSCI Colombia remained unchanged at 9.02. USD/CLP rose 1.76% to 911.43 and USD/PEN surged 4.03% to 3.47, reflecting broad local-currency depreciation.
USD/COP edged up 0.30% to 3,588.55. Copper advanced 1.92% to 6.38, offering partial offset for Chile’s external accounts, while Brent crude gained 0.84% to 93.87. Chile’s May CPI came in below all forecasts, lifting the annual rate to 3.7% and highlighting disinflation in core goods.
Colombia and Peru reported no material data releases.
The Day Ahead
Markets enter a data-light period with no scheduled Andean releases. Attention will center on Chile’s upcoming BCCh minutes and any follow-through from the May CPI undershoot. Colombia’s BanRep minutes may provide signals on the persistence of its hawkish stance.
Peru’s trade balance could offer insight into external balances amid PEN depreciation. Copper export volumes and potential Ecopetrol dividend updates remain secondary focal points. Sovereign auctions are absent across the three markets.
Other Economic Notes
Copper strength improves Chile’s fiscal position through royalty receipts that represent roughly one-quarter of revenues. Oil prices near 93.87 continue to support Colombia’s current-account and fiscal accounts via Ecopetrol flows. Peru faces milder relief from higher copper prices given Antamina output.
Lithium carbonate prices remain stable near recent levels, limiting immediate upside for Chilean producers. Political developments in Colombia add volatility to local FX and spreads.
Global Macro News
Global commodity markets showed resilience with copper and Brent both advancing despite mixed equity sentiment. China demand signals and US flows supported copper’s rebound, benefiting Chile and Peru’s external sectors. Gold rose 0.55% to 4,360.90, providing limited FX offset for Colombia and Peru.
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