Indian stocks rallied to a new high after election exit polls pointed to a strong victory for incumbent Narendra Modi, piquing investors' hopes that reforms in India will continue. "If Modi's got enough of a majority, he can keep pushing reforms through." During the months-long election process, Modi spoke about his ambitions to keep reshaping the country.
Mexico's currency fell against the dollar after the ruling party's Claudia Sheinbaum won the presidency by a landslide, raising concerns among some investors about reduced checks and balances on the Latin American country's government. The peso dropped about 3% against the dollar, to trade at the weakest level since November. "A reason for the weaker peso is that there's basically no strong opposition, this has been an issue on investors' minds recently," said Simon Quijano-Evans, chief economist at Gemcorp Capital Management.
The FTSE surged around 1.2% as markets opened before dropping back amid positive sentiment.
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