Colombia Elections Shock: Petro’s Rival Surges 40% in Polls, Market Volatility Ensues
A stunning shift in Colombia’s presidential race has sent shockwaves through global markets, as opposition candidate Federico Gutiérrez surges to within 5 points of incumbent Gustavo Petro, defying all pre-election forecasts. The unexpected momentum, driven by a late-breaking corruption scandal tied to Petro’s inner circle, has erased his previous 20-point lead and triggered a 3% plunge in the Colombian peso overnight. Investors are bracing for a runoff scenario that could reshape the country’s oil and trade policies, with capital flight accelerating as uncertainty mounts. For CEOs with exposure to Latin America, the Colombia elections are now the volatility hotspot to watch, as the outcome could either stabilize or disrupt supply chains for key commodities like coffee and crude.