THE DISCIPLINE OF MARKETS:

Mexican assets have underperformed peers since incoming President Andres Manuel Lopez Obrador scrapped a partially built $13 billion airport project, while his party later announced proposals to cut bank fees. Lopez Obrador may not be the only factor depressing Mexican assets though. Brazil's incoming President Jair Bolsonaro is growing on investors amid plans to sell state-owned companies, reform the pension system and narrow the fiscal deficit, potentially attracting funds out of other emerging markets.

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