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Kast, Boric Advance To December Runoff - USDCLP Gaps Lower

CHILE
  • As broadly expected, conservative candidate Jose Antonio Kast and left-wing Gabriel Boric have advanced to the second round runoff for the presidency, scheduled for December 19.
  • With 99% of ballots counted, Kast had 28% of the vote followed by Boric with 26%, according to data from electoral body Servel.
  • Franco Parisi, a businessman who has conducted his entire campaign from the U.S., surprised analysts by coming in third with almost 14% of the vote.
    • According to the latest Cadem Poll, each candidate would receive 39% in runoff scenario. 22% of respondents say they are undecided or won't vote.
  • Markets are reacting favourably to the outcome, with a strong performance for Kast and the surprise solid showing for market friendly Parisi. Additionally, with the composition of congress having greater significance than in prior cycles; the results have suggested a market positive outcome.
  • USDCLP has opened considerably lower and is now breaching the 800 level, down 3.85% from Friday's close.
  • While markets may welcome the initial results, it is important to note the lingering uncertainties over both the next month and with regard to the ongoing re-write of the constitution.
    • "This is definitely the end of the period we knew as kind of the boring Chile, both economically and politically," said Roberto Funk, a political scientist at the University of Chile. "We are going into a much less stable period."
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