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MexBizNews - Trade & InvestmentenMexico consumer prices fall the most in two years
Mexico&rsquo;s consumer prices fell the most in two years in May on reductions in costs for electricity, tourist packages and produce.
Front PageEconomy & FinanceWed, 10 Jun 2009 20:29:26 +0000mexbiznews6968 at http://www.mexbiznews.comStocks, peso close stronger after volatile session
Mexico's stocks closed mostly higher Wednesday after an up-and-down session thanks to a partial recovery in U.S. equities, while a late drop in U.S. Treasury yields helped give the peso a bounce.
The local stock market's IPC index of 35 most-traded issues closed up 0.3%, or 76.29 points, at 25,183.72. Volume was a robust 264.4 million shares traded at a total value of 5.95 billion pesos ($438.1 million).
Trading was volatile, but a late surge in the Dow Jones Industrial Average from its intraday lows pushed the local market into the black shortly before the closing bell.
Hector Jimenez, a technical analyst at Scotiabank in Mexico City, said the IPC has a resistance level around 25,190 points, adding that he expects it to track U.S. stocks in coming days and possibly dip as low as 24,600 if investors decide to take profits.
Wednesday was the fifth consecutive session of gains in the local market.
Wireless operator America Movil (AMX) L shares rose 0.6% to MXN25.23, cement maker Cemex (CX) CPO shares soared 3.9% to MXN14.50, copper miner Grupo Mexico (GMEXICO.MX) B shares rose 2.9% to MXN15.74, and retailer Wal-Mart de Mexico (WMMVY) V shares ended 0.8% higher at MXN39.40.
Mexico's peso, meanwhile, rode an afternoon rally to close modestly stronger versus the dollar at MXN13.5825, compared with MXN13.6880 around the open and MXN13.6075 at Tuesday's close.
A local currency trader said a pullback in U.S. Treasury yields following the release of the U.S. Federal Reserve's Beige Book "gave the peso a breath," adding that if U.S. interest rates remain stable, the peso might also calm down in the medium term.
He said the peso's depreciation in recent weeks resulted in part from growing concerns about Mexico's fiscal balance, which have led Fitch Ratings and Standard & Poor's to move Mexico's credit rating outlook to negative from stable.
Prices sank lower in the secondary market for local government debt, pushing the yield on 10-year bonds due 2017 up nine basis points to 8.22%, while the yield on 20-year bonds due 2024 rose 11 basis points to 8.50%.
Front PageEconomy & FinanceWed, 10 Jun 2009 22:14:10 +0000mexbiznews7053 at http://www.mexbiznews.comSCT spending hits highest level ever
Spending by the Secretariat of Communications and Transport spending has reached the highest level ever, increasing 110 percent in the first quarter of 2009 over last year.
Front PageEconomy & FinanceThu, 11 Jun 2009 13:53:21 +0000mexbiznews7371 at http://www.mexbiznews.comBanamex predicts economy will shrink 8.7 percent
Grupo Financiero Banamex said it is likely that the economic contraction in May is higher than expected and could result in a shrinkage for the year of 8.7 percent.
Front PageEconomy & FinanceFri, 12 Jun 2009 14:34:20 +0000mexbiznews8082 at http://www.mexbiznews.comCEESP reports little or no information on recovery job programs
The Center for Private Sector Economic Studies (CEESP) found that there is little or no information on the progress of programs that have been announced to tackle the current global crisis.
Front PageEconomy & FinanceMon, 15 Jun 2009 16:04:28 +0000mexbiznews9272 at http://www.mexbiznews.com112,000 workers receive job preservation money
El Dario/ Maquila Porta
Out of the 271,000 workers registered in the Program for Job Preservation, 112,000 have received support from the Ministry of the Economy, Sub-secretary of Industry and Commerce Lorenza Martinez said. As of June 10, 185 million pesos were transferred to companies, out of the 2 billion pesos in the program&rsquo;s fund.
Front PageEconomy & FinanceManufacturingTue, 16 Jun 2009 18:32:38 +0000mexbiznews10163 at http://www.mexbiznews.comOECD says worst of Mexican recession is over
Mexico has passed through the worst of its current recession, said Jose Angel Gurria,the head of the Organization for Economic Cooperation and Development.
Front PageEconomy & FinanceWed, 17 Jun 2009 16:52:16 +0000mexbiznews10840 at http://www.mexbiznews.comApril's industrial output falls 13.2 percent from last year
Dow Jones Newswires
Mexico's industrial production posted a double-digit drop in April from a year earlier, as the Easter holiday compounded the effects of a local economic recession, but output rose from March in seasonally adjusted terms, said Inegi.
Front PageEconomy & FinanceManufacturingWed, 17 Jun 2009 22:39:17 +0000mexbiznews11061 at http://www.mexbiznews.comHousing demand to slump 7 % in 2009, says Carstens
Fewer Mexicans are buying homes this year as a deep recession and rising unemployment make buyers wary. Finance Minister Agustin Carstens said on Thursday that demand for housing will be 7.1 percent less than in 2008.
Front PageEconomy & FinanceReal EstateFri, 19 Jun 2009 13:27:53 +0000mexbiznews11876 at http://www.mexbiznews.comCarstens says Mexico needs more financial regulation
Secretary of Finance and Public Credit warned that Mexico must improve its financial regulations and oversight or face the risk of liquidity and insolvency in the financial system.
Front PageEconomy & FinanceFri, 19 Jun 2009 14:22:26 +0000mexbiznews11881 at http://www.mexbiznews.com