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Mexican President Andrés Manuel López Obrador. Photo: Pedro Gonzalez Castillo/Getty Images

Barely a month into his term as Mexico's president, Andrés Manuel López Obrador is facing a swelling gasoline crisis — "one that threatens to cut into his popularity and worsen the nation’s already-sluggish economy," the Los Angeles Times writes.

The big picture: But even as the gas imbroglio rages, investors have been content to buy or hold Mexican assets. The nation's radical, far-left, self-described revolutionary president has their confidence.

What they're saying: "He has met or exceeded expectations," said Jim Barrineau, head of emerging markets debt at Schroders. "We were skeptical that he would be able to balance his desire for social programs with a reasonable fiscal policy. So far it seems like he has."

  • Mexican Finance Minister Carlos Urzua and a team met with dozens of investors in New York recently. It was called "impressive" and "confidence building" by attendees.
  • "We are very pleased," said Jin Zhang, an executive director and portfolio manager at Vontobel Asset Management who oversees $39 billion and says he holds significant investments in Mexican stocks. "We had been watching pretty closely the whole process."

What it means: The performance of his economic team combined with the president's fiscally austere budget — which still allocated increased spending to programs for the poor, new mass transportation projects and scaled-back banking regulations — have provided López Obrador with a longer leash from the market.

  • That was on display this week as Mexican stocks held steady and the peso rose in value against the dollar through the turbulent gas shortage.

"Remember, there were people eight or nine months ago comparing AMLO to [former Venezuelan President Hugo] Chavez and that’s not at all what we have," said Cathy Hepworth co-head of emerging market debt at PGIM Fixed Income. "Nor is he …what we’ve had for the past 20 years in Mexico. And maybe at the end of the day some of what AMLO has in store for Mexico is what Mexico needs. You just have to be careful about how you go about making those changes."

Go deeper: Mexico's AMLO poised to reshape government as he assumes presidency

Go deeper

Obama says Powell exemplified what America "can and should be"

Then-President Obama speaks alongside former Secretary of State Colin Powell during a meeting in the Oval Office in 2010. Photo: Saul Loeb/AFP via Getty Images

Former President Obama called Colin Powell an "exemplary soldier and an exemplary patriot" in a statement honoring the former general following his death from COVID-19 complications on Monday.

Why it matters: Powell, the first Black U.S. secretary of state, was known as a Republican but played a critical role in helping Obama get elected in 2008.

Justice Department asks Supreme Court to block Texas abortion ban

Abortion rights activists rally at the Texas State Capitol on Sept. 11 in Austin, Texas. Photo: Jordan Vonderhaar/Getty Images

The Justice Department on Monday asked the Supreme Court to temporarily block Texas' near-total ban on abortions while federal courts consider its constitutionality.

The big picture: The court last month allowed the ban to take effect, rejecting an emergency application by abortion-rights groups. The law bars the procedure after cardiac activity is detected, as early as six weeks into pregnancy.

Updated 4 hours ago - Health

This arthritis drug cost $198 in 2008. Now it's more than $10,000

Illustration: Aïda Amer/Axios

In 2008, a box of 30 anti-inflammatory rectal suppositories that treats arthritis, called Indocin, had a price tag of $198. As of Oct. 1, the price of that same box was 52 times higher, totaling $10,350.

Why it matters: As federal lawmakers continue to waver on drug price reforms, Indocin is another example of how nothing prevents drug companies from hiking prices at will and selling them within a broken supply chain.