Key Facts
Chile’s CPI print lands midday, with consensus at −0.21% month-on-month and headline inflation easing to 3.7% from 3.9%, the first of two Andean tests before Peru’s rate decision that could reset the region’s disinflation narrative.
A softer dollar remains the region’s shared prop, holding USD/BRL at 5.1588, USD/CLP near 927.6 and USD/MXN at 17.40, currencies clustered at the strong ends of their yearly ranges even as US rate cuts stay priced out of 2026.
Chips wobbled again across the developed tape, with the S&P 500 easing 0.45% to 7,504 and Europe’s Stoxx 600 slipping 0.4% to 650 off a record, keeping the AI-rotation unease that has split winners from losers all week.
Regional dispersion is the standout signal, as Argentina’s Merval led the prior board on compressing country risk while Colombia’s COLCAP was pinned flat by an 8.5% Ecopetrol slide, one macro tone, sharply different local outcomes.
