Andeans Macro Daily(Beta Mode)
Andean Equities Slip as CLP Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.62 | -2.33% |
| MSCI Peru | 85.68 | -2.81% |
| USD/COP | 3,196.95 | -0.58% |
| USD/CLP | 945.13 | +0.98% |
| USD/PEN | 3.40 | +0.07% |
| Copper | 6.35 | +0.77% |
| Gold | 4,063.10 | +0.41% |
| Brent Crude | 92.10 | -8.53% |
| Bitcoin | 64,980.00 | -0.10% |
| 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 Copper | Type: macro_line | Chile Rate %: 4.5 (2026-06-01) | Range: 0.75–11.25 | Trend(5pt): 0.75,11.17,8.98,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile falls 2.33% and MSCI Peru drops 2.81% while MSCI Colombia holds flat.
- CLP weakens 0.98% against the USD as COP strengthens 0.58% and PEN edges 0.07% weaker.
- Chile Congress passes most of President Kast’s tax reform package.
Yesterday's Recap
Andean equity markets closed lower on July 23 with Chile and Peru indices posting the largest declines. MSCI Chile fell 2.33% to 38.62 while MSCI Peru dropped 2.81% to 85.68; MSCI Colombia remained unchanged at 9.02. Copper rose 0.77% to $6.35 per pound, providing some support to mining revenues, yet equity selling persisted amid broader risk-off flows.
The CLP weakened 0.98% to 945.13 per USD while COP strengthened 0.58% to 3,196.95 and PEN edged 0.07% weaker to 3.40. Chile’s Congress approved nearly all of President José Antonio Kast’s tax and economic reform measures on July 21, a development viewed as positive for fiscal credibility. Brent crude plunged 8.53% to $92.10, limiting upside for Colombia’s oil-linked revenues.
Gold advanced 0.41% to $4,063.10, offering modest current-account relief for Peru’s mining sector.
The Day Ahead
Markets face a quiet calendar with no scheduled data releases across Colombia, Chile or Peru on July 24. Attention will center on follow-through from Chile’s tax reform passage and any updates from Codelco on production volumes. Copper and gold price action will continue to drive CLP and PEN sentiment given the heavy weighting of mining exports.
Colombia’s fiscal execution report may draw scrutiny for signs of spending discipline ahead of BanRep’s next policy meeting. Regional investors will also monitor external drivers including ECB signals and U.S. Treasury yields for spillover effects on local curves.
Lithium price stability near recent levels could provide additional color on Chilean producer margins.
Other Economic Notes
Copper’s advance to $6.35 per pound improves projected 2026 fiscal balances for Chile and Peru through higher royalty collections and stronger current-account positions. Chile’s lithium sector continues to benefit from steady pricing near $12,800 per tonne, supporting margins at SQM and Albemarle. Colombia’s oil revenue outlook faces pressure from the sharp Brent decline, though Ecopetrol royalty flows remain aligned with budget assumptions for now.
Mining investment interest from Australian juniors remains elevated as copper-gold discoveries in South America attract capital despite infrastructure challenges. <i>↓ p.2</i>
