CARACAS—Venezuelan President Nicolás Maduro’s allies on Sunday won the majority of seats but ceded some ground to political rivals in municipal elections that underscored the divisions the socialist leader will need to navigate amid a challenging economic outlook for the oil-rich country.
Analysts said the mixed results will keep the government’s economic policy uncertain as Mr. Maduro looks for balance between the populist measures he has endorsed and the potentially difficult decisions awaiting him. Wall Street banks…
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