Mexico and Andean Stocks: IPC, IPSA, COLCAP, BVL — 2026-09-06
Mexico's IPC surged on Thursday as Fed Governor Waller’s dovish signals eased rate-hike fears, lifting the peso to a multi-month high of 16.92 per dollar. Meanwhile, Chile's IPSA faced pressure from lithium producer SQM-B despite a strong performance in banking stocks, and Colombia's COLCAP recovered from earlier losses to close higher as global markets stabilized.
Mexico and Andean Stocks: IPC, IPSA, COLCAP, BVL — 2026-09-06
Top developments
Mexico's IPC rallies on Fed easing signals
On September 4, 2026, Mexico's S&P/BMV IPC index rose 0.91%, driven by renewed optimism following comments from Fed Governor Christopher Waller that signaled patience regarding further rate hikes. The Mexican peso strengthened significantly, closing at 16.9213 per USD, its strongest level in months. This currency appreciation supports nearshoring firms with dollar-denominated revenues while increasing purchasing power for importers. However, the index had closed lower on Wednesday (down 0.87%) before this rebound, indicating continued volatility ahead of key US economic data releases.
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Chile's IPSA dips as lithium drags down index
Chile's S&P IPSA fell 1.14% to 11,315.26 points on Thursday, September 4, primarily weighed down by losses in SQM-B, the major lithium producer. Despite the index decline, Itaú Chile shares jumped 3.4%, highlighting a rotation into financials amid stable currency conditions, with the Chilean peso holding steady at 931 per USD. Copper proxies also faced headwinds earlier in the week due to cooling Chinese fabrication data, though zinc prices held firm near $3,900 per tonne, supporting miners like Nexa and Buenaventura despite their share price declines.
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Colombia's COLCAP recovers on global risk-on sentiment
Colombia's COLCAP index closed up 0.77% on September 3, 2026, reversing previous losses as global markets recovered from mid-week volatility. The Colombian peso strengthened to 3,169 per dollar, reflecting improved sentiment after oil prices stabilized. This recovery follows a tough start to the week where the index fell 1.33% on September 1 due to global caution and weaker oil prices. Investors are now watching for upcoming BanRep minutes for clues on whether the central bank will maintain its current 12.0% interest rate stance beyond August.
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Steel sector rallies on tariff shields in LatAm
Latin American steel producers, including Ternium (Mexico) and Gerdau, saw significant gains on Wednesday, September 2, as investors bet that new tariffs would shield them from cheap Chinese imports. Mexico's implementation of 50% import levies has been particularly supportive for local steel stocks, offering a nearshoring-related tailwind distinct from the broader market moves. CSN ADRs led the regional steel rally, jumping 8.65% in New York trading, reflecting broader regional benefits from protectionist measures.
Local view
Local media in Mexico highlighted the peso's strength, noting it closed below 17 pesos per dollar for the second consecutive session, which Infobae described as a challenge to the dollar's dominance. In Chile, Diario Estrategia reported that while the IPSA fell slightly on Friday (-0.23%), the weekly variation remained positive at +0.06%, suggesting underlying resilience despite daily volatility. El Economista in Mexico pointed out that despite recent daily gains, the BMV still recorded its third consecutive month of losses in August, indicating that short-term rallies are being viewed cautiously by local analysts.
Context & numbers
- Mexico IPC: Closed at ~65,000+ levels after a 0.91% gain on Sept 4; Peso at 16.9213/USD.
- Chile IPSA: Closed at 11,315.26 after a 1.14% drop on Sept 4; Peso at 931/USD.
- Colombia COLCAP: Rose 0.77% on Sept 3; Peso strengthened to 3,169/USD.
- Commodities: Zinc held near $3,900/tonne; Copper CPER tracker gained 0.83% on Monday, Aug 31, but faced pressure later in the week from Chinese cooling.
- Interest Rates: Banco de la República maintained rates at 12.0% in August; Banco Central de Chile held rates at 4.5% in June.
On the radar
- US Jobs Data Impact: Wall Street slipped on September 5 as stronger-than-expected US jobs data lifted yields and the dollar, potentially pressuring LatAm currencies in the coming days.
- Chile Copper Output: July output fell 9.4% due to storms; markets are watching for recovery trends in August/September production data which could impact Chilean mining stocks.
- Pension Fund Flows: Chilean AFP reports indicate mixed results in August, with Funds A and B (higher equity exposure) posting higher returns as local variable income rose, potentially signaling continued domestic demand for equities.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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