Market jitters follow election of first woman as Mexico's president, Claudia Sheinbaum

MEXICO CITY — Hours after declaring victory, Mexico’s newly elected president, the first woman to win the job, faced a market meltdown Monday and a tough path toward reconciling a country deeply divided by outgoing President Andrés Manuel López Obrador.

The strong peso — which has gained steadily against the dollar on the back of increased remittances in the last year — was something López Obrador counted as his own achievement. But analysts have suggested for some time the Mexican currency is over-valued. That worries foreign investors. López Obrador has already cracked down on private and foreign investment in the energy sector, and now wants to ban new industrial sites in any area of Mexico suffering water stress — essentially the whole, economically vibrant north of the country.“The climate of political polarization has gotten worse during the current administration,” Moody’s Analytics Director Alfredo Coutiño wrote in a report Monday.

For the moment, López Obrador struck a note more celebratory than vengeful, though throughout most of his six-year term he has piled far more contempt on journalists and opponents than on the country’s drug cartels, which he has not confronted. The bilateral relationship has been complicated by López Obrador's refusal to acknowledge that Mexican cartels produce the synthetic opioid fentanyl that kills tens of thousands of Americans annually. Under his administration, however, Mexico has proved more than willing to try to prevent migrants from reaching the U.S. border, a valuable contribution for the Biden administration.

He went on to list the historic names for the times, from the 1500s to the 1930s, when Mexican leaders tried to rule from behind the scenes. Sara Ríos, 76, a retired literature professor at Mexico’s National Autonomous University, expressed confidence Sheinbaum will reconcile the country.

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