London ¨C A clobbering for South Africa¡¯s, Mexico¡¯s and even India¡¯s heavyweight markets in recent days has proved without doubt that politics can still deliver an unexpected uppercut in big emerging economies.
Mexico¡¯s peso and South Africa¡¯s rand were both still sliding on Tuesday following their respective election surprises, while the likelihood that Narendra Modi hadn¡¯t scored a landslide win in India¡¯s marathon elections sent its equity markets sprawling.
The peso fell 1.5% to just shy of 18 to the U.S. dollar at one point as traders continued to fret about the ramifications of the resounding win for the Claudia Sheinbaum-led MORENA party and its allies in Sunday¡¯s Mexican election.
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