Brazil’s banks – and Brazilian assets generally – have been rallying as new president Jair Bolsonaro manages to keep the honeymoon sentiment in the markets more or less on track.
At the same time, Mexican banks have been suffering from the end of the Amlo (Andrés Manuel López Obrador) honeymoon – lower GDP and loan growth is expected as the country’s new president sparked political risk fears when he scrapped the country’s $13 billion new airport and, more directly, threatening to impose fee caps on banks to limit the sector’s profitability.
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