Campaigning for Mexico’s election on 2nd June officially kicks off today. The presidential front-runner, Claudia Sheinbaum, will probably continue the social policies of her predecessor but is likely to put more focus on energy reform. Whoever wins will have to contend with a deteriorating fiscal position. Elsewhere, Brazil’s G20 presidency got off to an inauspicious start this week as divisions over the wars in Ukraine and Gaza came to the fore. The announcement of an FX hedging programme to support climate investments does, however, suggest that Brazil’s priority of increasing green financing may gain traction.
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