Andeans Macro Daily(Beta Mode)
Andean Equities Slip as PEN Weakens Sharply
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.38 | -2.04% |
| MSCI Peru | 85.21 | -1.33% |
| USD/COP | 3,244.56 | -0.56% |
| USD/CLP | 932.70 | +0.63% |
| USD/PEN | 3.40 | +2.18% |
| Copper | 6.37 | +2.24% |
| Gold | 4,024.30 | +0.68% |
| Brent Crude | 87.14 | +4.61% |
| Bitcoin | 62,736.30 | +0.80% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Copper vs Gold | Type: market_hloc | Copper: 6.374 (2026-07-14) | Range: 5.795–6.649 | Trend(6pt): 6.07,5.943,6.305,6.482,6.234,6.374 | Gold: 4024 (2026-07-14) | Range: 3990–4858 | Trend(6pt): 4825,4556,4448,4359,4104,4024
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile fell 2.04% and MSCI Peru declined 1.33% as copper rose 2.24% amid mixed demand signals.
- USD/PEN jumped 2.18% while USD/COP eased 0.56%, highlighting divergent FX pressures across the bloc.
- Brent crude surged 4.61% supporting Colombia’s fiscal outlook while Chile’s short-term rate held at 4.50%.
Yesterday's Recap
Andean equity markets closed lower on July 13 with MSCI Chile dropping 2.04% to 39.38 and MSCI Peru falling 1.33% to 85.21, reflecting commodity price swings and regional risk aversion. MSCI Colombia remained flat at 9.02, supported by firmer Brent crude at 87.14 after a 4.61% daily gain. In FX markets, USD/PEN rose sharply to 3.40 on a 2.18% move, USD/CLP advanced 0.63% to 932.70, and USD/COP eased 0.56% to 3,244.56, pointing to relative stability in the Colombian peso.
Copper prices climbed 2.24% to 6.37, offering limited relief to Chilean and Peruvian mining revenues despite the equity weakness. Gold advanced 0.68% to 4,024.30, providing modest support to Peru’s external accounts. Chile’s short-term rate stayed unchanged at 4.50%, signaling steady monetary conditions amid the commodity rebound.
Overall, the session underscored commodity sensitivity in Chile and Peru versus Colombia’s oil-linked resilience.
The Day Ahead
Market participants will monitor copper and oil price trajectories for their direct impact on Chilean and Peruvian fiscal balances and Colombian export receipts. Debt issuance windows remain open for Chile as sovereign spreads hover near multi-year lows, according to recent market commentary. Peru’s mining sector faces ongoing scrutiny over production volumes after recent output shortfalls, while Colombia’s oil exports benefit from sustained Brent levels above 87.
Investors await any updates on regional central bank communications, though no formal releases are scheduled. Broader attention will focus on how lithium price softness affects Chile’s medium-term revenue forecasts. FX volatility in the PEN could prompt further BCRP reserve management activity if pressures persist.
Other Economic Notes
Copper’s 2.24% advance offers partial offset to earlier production weakness in Chile and Peru, yet sustained price gains are required to stabilize fiscal royalties and narrow current-account gaps. Colombia’s oil sector gains from elevated Brent prices, supporting Ecopetrol volumes and keeping external accounts balanced. Lithium market softness continues to weigh on Chile’s diversification plans, limiting upside to non-copper mining revenues.
Regional equity underperformance versus global benchmarks highlights persistent commodity dependence despite improving terms of trade in select sectors. <i>↓ p.2</i>
