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Gustavo Petro Wins First-Round Election, Hernandez Through To Run-Off

COLOMBIA
  • With nearly all voting stations reporting results, Mr. Petro won 40.3% of the vote in a field of six candidates.
  • In a rebuke of the conservative class that has long ruled Colombia, voters gave the second-highest number of votes -- 28.1% -- to a populist real-estate tycoon, Rodolfo Hernández, who rails against corruption in short social-media videos.
    • The two men will compete in a runoff election on June 19 that is shaping up to be one of the most consequential in the country’s history.
  • Local assets including the Colombian Peso are expected to outperform after the result of the first-round election, in which independent outsider Rodolfo Hernandez had a stronger-than-expected performance and will face left-wing senator Gustavo Petro in a June 19 runoff.
    • Given the fact financial markets in both Colombia and the US are closed on Monday for holidays, reactions to the result will be delayed until Tuesday.
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