Mexico’s recent elections proved beyond a shadow of doubt that the country is headed toward democracy – an outcome welcomed by investors even though the new political environment raises doubts about the direction of economic policy.
As a first reaction, the markets applauded the transparent and clean elections held on July 6. Mexican bellwether ADR Telefonos de Mexico (Telmex) reached a new high, trading up to 51.875 before closing at 51.75. This year’s steady decline of Mexican Brady spreads blithely ignored pre-election jitters.
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