The victory of Andrés Manuel López Obrador (Amlo) in Mexico’s presidential elections may not have been the markets’ preferred outcome, but at least the arrival of clarity has led to a positive investment narrative.
Amlo’s resounding victory should give him legislative flexibility, while his conciliatory messages to the markets immediately after the election – in contrast to the bellicose messages during the campaign – have also settled nerves. Throw in the much-reduced risk around the collapse of the North American Free Trade Agreement (Nafta) and many of the ingredients for a recovery in deal activity are in place.
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