Mexican-related financial assets suffered on Monday their worst day since the world entered into lockdown in March 2020, following the landslide victory of newly elected President Claudia Sheinbaum.
What Happened: The Mexican peso plummeted by 3.9% to 17.68 per dollar, recording its worst day in four years.
It’s heading toward closing the session at its weakest level since November 2023.
U.S.-listed Mexican equity exchange-traded funds (ETFs) endured double-digit losses. The iShares MSCI Mexico ETF (NYSE:EWW) tumbled 10.8%, marking its worst day since Monday, Mar. 16, 2020, when global investors abandoned emerging-market equities for safe-haven assets amid fears of a Covid-related global recession.
Leveraged ETFs on Mexican stocks experienced significant declines, as well. The Direxion Daily MSCI Mexico Bull 3X Shares (NYSE:MEXX) tanked by 31%. It’s eyeing its lowest close since late October 2023.
The election results, which saw President Claudia Sheinbaum win approximately 60% of the vote. That’s the highest in Mexico’s democratic history, triggering the violent ...Full story available on Benzinga.com
Related tickers: EWW, MEXX.
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