The markets’ reaction to Andrés Manuel López Obrador’s (Amlo) presidential election in July was muted – expected sell-offs didn’t materialize and calm greeted the news – but the honeymoon is over… and it didn’t quite last until he’d actually taken power.
His decision to scrap the new Mexico City airport has seriously shaken investors’ faith in Mexico’s future. The currency fell sharply, bond yields rose.
The decision was made by a shaky plebiscite – which, as anyone with only a passing knowledge of British politics in recent years, is not a great way to decide anything.
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