June 7th, 2024


1. Claudia Sheinbaum, Mexico’s first and most voted woman president 

Claudia Sheinbaum, of the coalition Let’s Continue Making History, formed by Morena, PVEM and PT, was elected President of the Republic by obtaining more than 33 million votes, equivalent to 59.35% of the vote. Xóchitl Gálvez, candidate of “Fuerza y Corazón por México,” came in second place with 27.90% of the vote with more than 15.5 million votes. Jorge Máynez, of the Citizen Movement Party, obtained 10.47% of the vote, in the highest results for that party in its history, by gathering almost 6 million votes.

With these results, Sheinbaum will become the first woman president in Mexico, also the first woman president in North America and the fourteenth woman head of state in Latin America. Likewise, the numbers place her as the president with the most votes since 1982, making her the first female president with the most votes in the country’s modern democratic history. 

N+: Claudia Sheinbaum Logra Triunfo Histórico con Más de 35 Millones de Votos

2. Morena and allies achieve majorities in the Federal Congress

The members of the coalition “Let’s Continue Making History” won not only the Presidency of Mexico, but also the Congress of the Union, by winning 372 seats in the Chamber of Deputies, which gives them not only an absolute majority, but also a qualified majority, which enables them to amend the Constitution and approve high-level appointments without the need to reach a consensus with the opposition.

In the case of the Senate of the Republic, they obtained 83 seats, reaching the threshold for the absolute majority, but not for the qualified majority. With this, it is expected that the Upper House will become the space of resistance towards constitutional reforms and appointments, although this may be more symbolic than real, since the majority faction would only need 2 votes to achieve its agenda. In sum, both in the Chamber of Deputies and in the Senate, the Morena coalition will have the necessary majorities to push through the presidential agenda with little or no counterweight. 

El País: Morena, a dos escaños de lograr la mayoría calificada en el Senado

Animal Político: Sheinbaum gana por 30 puntos y tendrá mayoría en el Congreso para el ‘plan C’

3. Morena also wins in local elections 

The alliance of Morena, Partido Verde and Partido del Trabajo also had an excellent electoral performance at the local level, winning 7 of the 9 governorships at stake, with a historic election in Yucatán, taking the entity away from the National Action Party, which had governed it for 25 years. Likewise, Morena will continue to govern Mexico City, with a victory of more than 10 points. Contrary to the prediction that it could lose the capital of the country, the alliance won 11 out of 16 mayorships and will have a qualified majority in the local congress. 

On the other hand, the National Action Party only managed to retain the state of Guanajuato, historically considered a PAN state. Meanwhile, the Citizen Movement Party also retained the governorship of Jalisco with a close victory. The other states where Morena won are Chiapas, Morelos, Puebla, Tabasco and Veracruz.

Animal Político: Morena avanza territorialmente; refrenda 6 gubernaturas y gana una más en Yucatán

El Universal: Morena arrebata bastión panista de Yucatán

4. Peso and Mexican Stock Exchange nervous ahead of elections

After the overwhelming results of Morena and allies in the Presidency, Congress and at the local level, the Mexican peso started Monday trading at 16.97 pesos per dollar and closed at 17.70 in Mexican markets, a drop of 4.3%, which broke the positive streak it had been sustaining for some months, becoming the most depreciated currency in the world among its peers. The uncertainty also affected the Mexican Stock Exchange’s Prices and Quotations Index, which fell 6% on the same day. 

As a result, in an attempt to calm market jitters, the information that Rogelio Ramírez de la O, current Secretary of Finance and Public Credit, will remain in office during the administration of Claudia Sheinbaum, was corroborated.  The official issued a message in which he emphasized that among the new objectives are financial discipline, adherence to the autonomy of the Bank of Mexico, the rule of law and the facilitation of domestic and foreign private investment.

El País: El peso mexicano y la Bolsa caen por la victoria de Morena en el Congreso

La Jornada: Confirma Ramírez de la O que seguirá en SHCP “por un periodo indefinido”

5. Border closure is not in the interest of either nation: AMLO 

U.S. President Joe Biden implemented a tentative “border closure” to reduce the entry of immigrants crossing the southern border undocumented. This is a measure that restricts asylum to migrants and comes into effect when the border is overwhelmed by more than 2,500 irregular crossings per day for a week and is suspended if they fall below 1,500.

The decision has raised several doubts and generated uncertainty, since the established limit is easily surpassed day by day; in May alone, entries reached a daily average of 3,800 people. In this regard, President López Obrador pointed out that, given the commercial relations between both countries, it is not in the interest of either nation to close the border; therefore, he sees this as something impossible. He also clarified that it is a migratory closure, not a commercial one, for which there is nothing to worry about and that the Mexican Government will be alert.

El País: Las nuevas medidas de Biden en la frontera, en claves

Expansión Política: AMLO: no habrá cierre de frontera con EU; es decisión migratoria, no comercial