MEXICO CITY (Reuters) – Mexico’s main stock index closed out its worst quarter in over 17 years on Monday, dragged down by doubts about how the new leftist government will manage the economy as well as concerns over global growth and trade.
The S&P/BMV IPC stock index lost 15.89 percent in the fourth quarter, its steepest drop for a three-month period since the third quarter of 2001, when the Sept. 11 terrorist attacks hit the United States.
Quarter - Market - Percent
That quarter the market fell by nearly 19 percent.
Before taking office earlier this month, President Andres Manuel Lopez Obrador rattled financial markets when on Oct. 29 he said he would scrap a partly built $13 billion new Mexico City airport on the basis of a straw poll that was widely criticized.
Decision - Dispute - Bondholders - Debt - Airport
The decision kicked off a dispute with some bondholders of debt issued to finance the airport and raised fears Lopez Obrador could pursue an agenda characterized by arbitrary decision-making and frequent use of referendums.
Market sentiment was also hammered by a bill drafted by Lopez Obrador’s National Regeneration Movement to limit bank fees and...
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