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MERCADOS EMERGENTES-Voto constitucional del peso chileno un mes abajo en estado de shock

    * Chile's peso set for worst day since January
    * Peru's sol drops as presidential candidate hints at higher
taxes

 (Updates prices)
    By Ambar Warrick and Shashank Nayar
    May 17 (Reuters) - Chilean risk assets tumbled on Monday
after a shock result in the vote over the drafting of a new
constitution, while higher oil prices and a positive U.S.
economic outlook helped support the Brazilian real and Mexican
peso.
    The Chilean peso fell 2.2% and was set for its worst
day since January this year, after the country's ruling
center-right coalition failed to secure a critical one-third of
seats in the body that will draft a new constitution, increasing
the chances of the passing of more radical proposals.

    The copper-producing country's bonds, currency and stocks
all sank as jitters spread amongst investors, fearful that
Chile's market-friendly constitution, dating from the
dictatorship of Augusto Pinochet, could face a major
overhaul.
    "The election results attest to deep distrust of the
political establishment and rejection of the traditional
political structures. This could translate into a very noisy
constitution drafting process," Goldman Sachs analysts wrote in
a note.
    "We expect the new Constitution to validate a larger, more
interventionist state... This would add further pressure on the
already deteriorating fiscal/debt dynamics, and a potential
shift away from hitherto investment-friendly policies and
institutions could weigh on medium-term macroeconomic
performance." 
    The Peruvian sol fell 1.1% after its socialist
presidential candidate Pedro Castillo said on Sunday night he
would raise taxes and royalties on Peru's key mining sector and
renegotiate the tax contracts of large companies if elected to
high office next month.
    Commodity-focussed currencies like the Mexican peso
gained 0.4%, tracking higher oil prices, while Colombian markets
were closed for a hioliday.
    Meanwhile, a resurgence in COVID-19 cases and restrictions
in major Asian economies and disappointing Chinese data saw
investors pivot out of risk-heavy assets.
    The risk-off sentiment added to pressure on Latam assets,
given that the region has already been struggling with a
damaging wave of COVID-19 infections this year. 
    Disappointing retail sales and factory output data from
China also hurt regional sentiment, given that the country is a
major export destination for metals and agricultural goods from
Latam.
    Brazil's real, gained for the second
consecutive session on higher prices of iron ore, the country's
top export, while recent interest rate hikes by Brazil's central
bank saw speculators going long on the currency in two years.
     Investors also dialed up their expectations for economic
growth, data showed.
       Key Latin American stock indexes and currencies:
    
              Latest   Daily %
                       change
 MSCI         1310.43      0.22
 Emerging              
 Markets               
                       
 MSCI LatAm   2506.26      0.19
 <.MILA00000           
 PUS>                  
 Brazil        122962      0.89
 Bovespa               
                       
 Mexico IPC   49395.4      0.36
                       
 Chile IPSA   4193.89     -8.32
                       
 Argentina    56097.2      2.27
 MerVal                
                       
 Colombia     1289.75      2.18
 COLCAP                
                       
                               
              Latest   Daily %
                       change
 Brazil real   5.2554      0.31
                       
 Mexico peso   19.774      0.42
                       
 Chile peso     715.5     -2.23
                       
 Colombia     3682.88  NOT
 peso                  AVAILABL
                       E
 Peru sol       3.713     -0.99
                       
 Argentina      94.13     -0.09
 peso                  
 (interbank)           
                       
 
    

 (Reporting by Ambar Warrick and Shashank Nayar in Bengaluru
Editing by Marguerita Choy and Alistair Bell)
  
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