Leftist Lopez Obrador Wins Mexico's Presidential Election

Andrés Manuel López Obrador

Andrés Manuel López Obrador

Mexico's peso surged on Tuesday by the most in over two years, boosted by a global emerging markets rally and soothing comments from the country's newly elected leftist president that he will not ramp up spending.

With almost three-quarters of the ballots counted, Lopez Obrador had about 53 per cent of the vote - the most for any presidential candidate since 1982, a time when the Institutional Revolutionary Party was in its 71-year domination of Mexican politics and ruling party victories were a given.

Since 1929, the Mexican leader has been from one of two parties: the PAN or the PRI.

Investors have always been expecting a victory by Lopez Obrador, who held double-digit leads in polls for months.

Refusing to live in Mexico City's opulent 19th century presidential residence, Los Pinos (the Pines).

Governing party candidate José Antonio Meade, Institutional Revolutionary Party (PRI) 14.8 percent.

Lopez Obrador has pledged to not let Mexico become a "pinata" battered by the United States and rejects Trump's plan for a border wall.

"We are so happy", said Lucero Robles, a Mexican painter who took to the streets on Sunday night to toast his victory.

U.S. Commerce Secretary Wilbur Ross told CNBC that Mexico "needs some sort of an arrangement" given its dependence on American consumers and businesses, having shipped $314 billion in goods to the United States previous year.

Josefina Serrano, 44, who rode eight hours from Sacramento on a bus organized for voters, said she voted for Lopez Obrador because she was exhausted of corruption and violence in Mexico, as well an anti-Mexican attitude in the United States.

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This is the first presidential election for Lopez Obrador's party, the National Regeneration Movement (MORENA), which has formed a coalition with the left-wing Labor Party and right-wing Social Encounter Party.

Lopez Obrador's supporters began wild celebrations in Mexico City, cruising up and down the central Paseo de la Reforma boulevard honking horns to the tune of "Viva Mexico!" and waving Mexican flags from vehicle windows and moon roofs.

Mexican business group Coparmex called past year for the creation of a strongly independent body to counter the tendency of Congress to approve expansive budgets.

Lopez Obrador, a left-leaning former mayor of Mexico City, is not telling Mexicans anything most don't already believe when he says that strategy has been a failure. Sound familiar? As president, he may well be, at least in terms of temperament, the Trump of south of the border. "But we'll be even happier when they put the presidential sash on him [in December]".

US President Donald Trump on Sunday congratulated Andres Manuel Lopez Obrador on his landslide victory in Mexico's presidential vote, saying he looks "very much forward to working" with the anti-establishment leftist.

In a speech last month, Mr Lopez Obrador vowed to defend migrants and their rights.

The victor of Sunday's presidential election doesn't need an absolute majority of the votes, just the most votes among the four candidates.

"I see that the results [of the voting] are favorable for Lopez Obrador". In his quest to please his support base, President Trump will surely still insist on building a wall, persisting in his claims that Mexico will pay for it.

"Lopez Obrador said he would "seek to establish an authentic democracy and we do not intend to establish a dictatorship".

Lopez Obrador said he wants to have information on what's being discussed and "to help as much as we can".

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