Andeans Macro Daily(Beta Mode)
Peru Growth Misses; Copper Lifts Chile Equities
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.14 | +0.32% |
| MSCI Peru | 86.67 | -0.11% |
| USD/COP | 3,217.50 | -1.31% |
| USD/CLP | 925.20 | +0.02% |
| USD/PEN | 3.39 | -0.11% |
| Copper | 6.38 | +1.29% |
| Gold | 4,033.60 | -0.26% |
| Brent Crude | 84.50 | -0.53% |
| Bitcoin | 64,086.53 | -0.97% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
MSCI Chile Equity (ECH) | Type: market_hloc | Price: 39.85 (2026-07-15) | Range: 37.43–44.27 | Trend(6pt): 43.63,41.27,41.33,40.82,40.01,39.85
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Peru May GDP missed forecasts on weak fishing and manufacturing output.
- MSCI Chile rose 0.32% as copper gained 1.29% to $6.38/lb.
- USD/COP fell 1.31% to 3,217.50 while USD/PEN eased 0.11%.
Yesterday's Recap
Peru’s economic growth missed forecasts in May, dragged lower by sharp contractions in fishing and manufacturing sectors that weighed on overall activity. Equity markets showed mixed Andean performance, with MSCI Chile advancing 0.32% to 40.14 on copper strength while MSCI Peru slipped 0.11% to 86.67 and MSCI Colombia held flat at 9.02. Currency moves favored local units, as USD/COP dropped 1.31% to 3,217.50, USD/PEN declined 0.11% to 3.39, and USD/CLP stayed nearly unchanged at 925.20.
Copper’s 1.29% rally to $6.38 per pound supported fiscal and external accounts in Chile and Peru through higher mining revenues and export values. Brent crude eased 0.53% to $84.50, leaving Colombia’s oil-linked fiscal contribution stable but still exposed to downside price risks. Gold slipped 0.26% to $4,033.60 with limited direct Andean impact.
The Day Ahead
Trading desks expect quiet price action across Andean assets given the empty economic calendar for July 16-17. Focus will remain on copper and oil price trajectories that directly influence Chile’s and Peru’s fiscal balances plus Colombia’s current-account dynamics. Any sustained move higher in copper should continue to support CLP and PEN while narrowing projected fiscal deficits in both mining economies.
Colombian assets may stay range-bound absent fresh political or fiscal signals. Market participants will also monitor global risk sentiment for spillover effects on regional equity flows and sovereign spreads.
Other Economic Notes
Copper’s advance improves near-term fiscal headroom for Chile and Peru by lifting royalty collections and state mining revenues above budgeted levels. Colombia’s external position remains more sensitive to oil prices near $84, where Ecopetrol’s contribution holds steady but any drop below $80 would widen the current-account gap. Broader commodity strength also supports narrower fiscal deficits across the bloc, reducing pressure on debt issuance and helping contain sovereign spreads.
Lithium developments in Chile continue to draw attention as royalty frameworks evolve, though near-term price stability limits immediate fiscal effects.
Global Macro News
China’s economy expanded at its weakest pace since 2022, with surging exports failing to offset weak domestic demand and sluggish consumption that could cap further gains in industrial metals. <i>↓ p.2</i>
