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  HOME | Mexico

Lopez Obrador Touts Market Confidence on First Trading Day of Term

MEXICO CITY – Mexican President Andres Manuel Lopez Obrador on Tuesday hailed the rise in the Mexican Stock Exchange and the peso on his first Monday in office, claiming that this shows that the markets have “confidence” in his administration.

“Yesterday, the first day of the week, there was a response in the financial realm. There were no imbalances in the financial world,” said Lopez Obrador at a Tuesday morning press conference.

The president said that there was no depreciation of the Mexican peso and that the market “grew.”

“There’s confidence,” he emphasized.

Although the exchange rate is still above 20 pesos to the US dollar, on Monday the US currency fell by 0.68 percent vis-a-vis the peso, which finished the day at 20.31 to the dollar.

Meanwhile, the main indicator on the Mexican Stock Exchange, the IPC, moved up by 0.84 percent and closed at 42,081.78, a gain of 349 points over the previous session.

Lopez Obrador said that a “good environment” prevails in the country and that his administration’s plan is to “pull the country out of backwardness” so that there may be “economic growth, jobs, well-being, peace and tranquility.”

He also thanked US President Donald Trump for his congratulations after his inauguration.

“Congratulations to newly inaugurated Mexican President @lopezobrador – . He had a tremendous political victory with the great support of the Mexican People. We will work well together for many years to come!” Trump had tweeted on Monday.

Meanwhile, Lopez Obrador said he is in favor of “free trade” because one cannot regulate such things “by decree.”

Regarding the Texcoco airport, which he cancelled after a popular consultation, the president said Tuesday that work continues on the project while an evaluation is made. “We did this to protect the investors ... and the bondholders,” he said.

At the press conference, which lasted about an hour, Lopez Obrador also defended the reduction in salaries for top public offices and announced that next week he will begin cancelling the educational reform that had been pushed by his predecessor, Enrique Peña Nieto.

 

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