History was made in Mexico as Claudia Sheinbaum, the first woman to be elected president, faced a market meltdown just hours after her victory. The country is deeply divided under outgoing President Andrés Manuel López Obrador, and Sheinbaum is tasked with continuing his political course despite challenges.
Post-election, the Mexican peso dropped 3.5% in value and the stock exchange plummeted over 5%, leading to concerns among investors and analysts like Gabriela Siller. López Obrador’s proposed constitutional changes, which could weaken Mexico’s democracy, add to the uncertainty.
Sheinbaum’s victory and Morena party’s potential super-majority in Congress raise fears of capital flight. Despite this, the president-elect remains focused on unity: “Our duty will always be to look out for each and every Mexican, without distinctions.”
U.S. President Joe Biden congratulated Sheinbaum on her election, emphasizing the enduring partnership between the two countries. While some remain skeptical, others like retired professor Sara Ríos are hopeful that Sheinbaum can bring peace and progress to Mexico.
As Sheinbaum prepares to take office, the future of Mexico hangs in the balance, with challenges ranging from cartel violence to economic stability.
AP reporter Zeke Miller contributed from Washington.
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