Chile shifts right, current account deficits, Banco Master

The first round of Chile’s presidential election resulted in right-wing candidate José Antonio Kast becoming the clear front-runner in the second round due in December. Kast’s steps this week signal a market-friendly approach to economic policymaking. Elsewhere, the GDP data out this week highlighted that current account positions in parts of the Andes continued to deteriorate in Q3. We're particularly worried about Colombia, where the peso increasingly looks at risk of a reversal of fortunes. Finally, the issues at Brazilian bank Banco Master appear to be idiosyncratic; looking at the banking sector more broadly, the area that concerns us is the recent rise in household debt.