Jose Antonio Kast's far-right Republican Party made strong gains in both chambers of Congress following Chile's Sunday presidential election, but fell short of majorities and will need to forge alliances to pass reforms.

Chileans are heading to the polls on Sunday to elect a president as one of Latin America’s wealthiest nations faces the unfamiliar challenges of high crime, clandestine migration and a torpid economy.

Chile faces a stark range of candidates in Sunday’s presidential election where the frontrunners include a longtime Communist Party member and two ultraconservatives.

Chileans rallied behind hard-line conservatives in elections Sunday as anger over crime and immigration pushes the country to the right—setting the stage for a possible alignment with Trump.

The outcome of the first-round vote in Chile's presidential election lifted the peso and looked set to bolster stocks and bonds on Monday, with analysts expecting the outcome could potentially pave the way for more market-friendly initiatives.

Presidential hopefuls voted on Sunday in elections for a new president and parliament in a contest expected to favor the hard right as candidates play on popular fears over organized crime and immigration in Chile.

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