Elections in three of the world's largest emerging markets – India, South Africa and Mexico – have each, in their own way, produced unexpected results. Nonetheless, the Indian market premium, achieved as a result of government stability, is dissipating. In contrast to South Africa and India, the result in Mexico has, if anything, strengthened the hold of the ruling party. Last year Mexico overtook China as the biggest exporter to the US, selling $593 billion (£474 billion). In the long run, the triumph of moderation in India and South Africa should be a force for economic stability and expansion, and a net plus for inward investment.
