Andeans Macro Daily(Beta Mode)
Peru Stocks Surge on GDP Beat, Chile Copper Climbs
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 41.44 | +1.94% |
| MSCI Peru | 94.00 | +3.62% |
| USD/COP | 3,039.10 | -1.15% |
| USD/CLP | 914.28 | -0.87% |
| USD/PEN | 3.36 | +0.09% |
| Copper | 6.59 | +0.11% |
| Gold | 4,697.50 | +1.59% |
| Brent Crude | 92.93 | -1.55% |
| Bitcoin | 77,855.00 | +0.13% |
| 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 Policy Rate | Type: macro_line | %: 4.5 (2026-06-01) | Range: 1.5–11.25 | Trend(5pt): 1.5,11.25,8.25,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Peru MSCI jumps 3.62% as Q2 GDP exceeds forecasts, supporting BCRP stability outlook.
- Chile equities gain 1.94% with copper at 6.59 amid supply concerns from Congo floods.
- Colombia MSCI flat while USD/COP falls 1.15% to 3,039.10 on firmer local flows.
Yesterday's Recap
Andean markets posted divergent moves on August 23. Peru equities surged as Q2 GDP growth beat expectations, delivering a resilient print that bolsters the BCRP’s inflation-targeting credibility amid stable mining output. A magnitude 6.7 earthquake struck Ayacucho, damaging buildings and triggering power cuts, yet markets shrugged off the disruption.
Chile equities advanced with copper futures rising 0.11% to 6.59 after Zijin Mining flagged production risks from Congolese flooding, lifting fiscal prospects via royalties. Colombia equities held steady while USD/COP strengthened 1.15% to 3,039.10, reflecting reduced external pressure despite soft retail sales data. Brent crude slipped 1.55% to 92.93, offering limited relief to Ecopetrol cash flows.
Gold climbed 1.59% to 4,697.50, providing a modest hedge for regional portfolios. Overall, commodity beta favored CLP and PEN over COP. USD/CLP fell 0.87% to 914.28 and USD/PEN rose 0.09% to 3.36.
Chile short-term rate held at 4.50%.
The Day Ahead
No major Andean data releases are scheduled for August 25. Peru Q2 GDP details may see follow-up analyst commentary after the beat, with attention on mining volumes from Antamina and Quellaveco. Chile’s central bank minutes, due later in the week, will likely reaffirm the BCCh’s easing bias given the 4.50% short-term rate.
Colombia faces an empty calendar, leaving fiscal concerns and oil price sensitivity as the dominant drivers for COP. Regional miners could issue production updates, with Antofagasta in focus. Investors will monitor global copper and oil flows for spillover effects on CLP and COP volatility.
FX intervention remains unlikely across the three central banks absent sharp moves. MSCI Chile at 41.44 and MSCI Peru at 94.00 set the tone for follow-through.
Other Economic Notes
Copper strength continues to underpin Chile and Peru fiscal balances, with royalty revenues tracking above budget in both countries. Lithium royalty reforms in Chile remain a lingering sentiment drag despite flat prices. Colombia’s weak domestic demand, evident in subdued retail sales, keeps BanRep cautious on any near-term easing.
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