Andeans Macro Daily(Beta Mode)
Chile Stocks Fall as Copper Declines
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 41.01 | -1.32% |
| MSCI Peru | 88.88 | +0.87% |
| USD/COP | 3,444.35 | +0.32% |
| USD/CLP | 889.77 | +0.51% |
| USD/PEN | 3.37 | -0.89% |
| Copper | 6.39 | -1.45% |
| Gold | 4,260.00 | -2.27% |
| Brent Crude | 78.59 | -1.21% |
| Bitcoin | 63,908.72 | -2.58% |
| 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: 0.54–11.25 | Trend(5pt): 0.54,10.75,9,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile fell 1.32% while MSCI Peru rose 0.87% and MSCI Colombia held flat amid commodity weakness.
- USD/CLP and USD/COP rose 0.51% and 0.32% respectively as USD/PEN declined 0.89% on relative strength.
- Copper dropped 1.45% to 6.39 and Brent fell 1.21% to 78.59, pressuring fiscal and trade balances across the bloc.
Yesterday's Recap
Andean markets reflected commodity price declines with limited local data. Chile’s MSCI index fell 1.32% to 41.01 as copper prices dropped 1.45% to 6.39, weighing on mining revenues and the current account. Peru’s MSCI index gained 0.87% to 88.88, supported by USD/PEN strength that eased import costs.
Colombia’s MSCI index remained unchanged at 9.02 despite Brent crude falling 1.21% to 78.59, which trims oil-related fiscal receipts. USD/CLP rose 0.51% to 889.77 and USD/COP advanced 0.32% to 3,444.35, reflecting broad USD firmness. Chile’s short-term rate held at 4.50% with no policy shift.
No Tier-1 releases occurred in any Andean country.
The Day Ahead
The calendar shows no scheduled economic releases across Colombia, Chile or Peru. Markets will monitor global commodity flows and any Fed commentary that could influence USD/CLP and USD/COP. Chile’s mining sector remains sensitive to further copper price moves given its weight in fiscal math.
Colombia’s energy names face continued pressure from Brent levels near 78.59. Peru’s PEN may extend gains if gold and copper stabilize. Regional central banks remain on hold with no statements expected.
Other Economic Notes
Commodity dependence continues to shape fiscal balances, with Chile and Peru exposed to copper and Colombia to oil. Lower metals prices reduce royalty collections and widen trade gaps in the near term. Lithium developments in Chile offer longer-term diversification potential but have not yet offset copper volatility.
Political risks around mining policy remain a latent driver of sovereign spreads in all three countries.
Global Macro News
Fed Chair Warsh described the US economy as expanding at a solid pace after rates were left unchanged, supporting broad USD strength against COP and CLP. ECB’s Lagarde noted energy-price pressures spreading through the euro area, which may keep external demand for Andean exports subdued. BHP’s planned $1.5 billion Chile power transmission sale highlights ongoing infrastructure monetization in mining regions.
<i>↓ p.2</i>
