Mexican Elections

Federal Elections held on Sunday in Mexico yielded unexpected results as the incumbent Morena party gained the public’s backing both for the presidency as well as in Congress.

• Ruling party candidate Sheinbaum was elected with roughly 60% of the vote, 30 percentage points more than the opposition
•  Morena, PT & PVEM obtain a majority in Congress (Including a qualified majority in the lower house) and will likely not face major opposition for their attempts at reform, including disruptive ones
• Result highlights the opposition’s overall weakness
• Mexican stock, bond and FX markets react negatively to the news in the immediate aftermath, shedding value