Mexican Peso Slides as Ruling Party Landslide Spooks Investors

Mexico’s peso tumbled as preliminary election results showed the ruling party winning in a landslide that may empower it to increase state control of the economy and undermine checks on its power.

The peso weakened as much as 2.2% to near 17.4 per dollar in European trading, reversing an advance seen during the Asia session and lagging other emerging-market currencies. First official projections showed Claudia Sheinbaum, the protege of President Andres Manuel Lopez Obrador, winning by at least 30 percentage points.

Read More: Sheinbaum Set to Become Mexico’s First Female President

While her win was largely priced in ...