Chilean markets appear to have largely already priced in José Antonio Kast’s victory in the second round of the presidential election yesterday – and the prospect of stronger public finances and more pro-business policymaking. That said, his fiscal plans as well as the likelihood of lower copper prices suggests the risks are skewed towards growth slowing next year. Kast’s victory may spur closer relations with the US, but Chile’s dependence on China for exports will probably limit the extent of his geopolitical re-alignment.
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