Mexican peso, stocks fall on fears of ruling coalition super-majority in Congress
LONDON/NEW YORK -Mexican stocks fell over 6% and the peso lost as much as 4.3% to the dollar on Monday after the country's ruling party scored a surprisingly strong election showing and looked poised for a super-majority in Congress that markets fear might bring constitutional change and diminish checks and balances.
The Mexican peso earlier hit a fresh seven-week low of 17.754 to the dollar, a 4.29% drop, LSEG data showed. By 3:41 p.m. EDT , the peso was trading at 17.72 to the dollar, down 4.1%. Mexico's benchmark stock market index fell 6.2%, while the MSCI index, priced in dollars, dropped 9.8%. The iShares MSCI Mexico ETF was down 10.8%.
Sheinbaum, a climate scientist and former mayor of Mexico City, won the presidency with just shy of six votes in ten, with 82% of ballots counted, in what is set to be the highest vote percentage in Mexico's democratic history. Lopez Obrador said in a morning press conference on Monday that Mexico's finance minister, Rogelio Ramirez de la O, will remain in his post for some time to help facilitate the transition.
Throughout the course of his tenure, Lopez Obrador had doubled the minimum wage, reduced poverty and oversaw a strengthening peso and low levels of unemployment - successes that made him incredibly popular.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mexican Peso trades higher on positive market mood, robust Mexican dataThe Mexican Peso (MXN) trades marginally higher on Monday, supported by a rise in risk appetite after lower-than-expected US jobs’ data raised hopes the Federal Reserve (Fed) will move to cut interest rates, reducing borrowing costs for businesses and consumers.
Read more »
Dallas Cowboys Legend Larry Allen Dies on Mexican Vacation at 52He was “one of the most respected, accomplished offensive linemen to ever play in the NFL,” the Cowboys said.
Read more »
Mexican Peso nosedives on Sheinbaum’s victory and Morena majority concernsThe Mexican Peso plunges against the US Dollar during the North American session following Dr.
Read more »
A Popular Mexican Chain Just Abruptly Closed Dozens of LocationsYour ultimate source for expert nutrition tips and health advice, covering wellness, healthy recipes, cooking hacks, food news, style trends and shopping.
Read more »
New technocrat Mexican leader unlikely pro-mining even as she replaces ‘whim and bombast’No 1 source of global mining news and opinion
Read more »
Mexican cartels have foothold in every U.S. state, DEA saysA federal report said Mexico's two largest cartels are operating in every U.S. state, and are driving the nation's deadly overdose epidemic from fentanyl and other synthetic drugs.
Read more »