Global Markets and Economic Update : FOREIGN STOCK MARKETS
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Stock index trends in native currencies and in U.S. dollars adjusted for currency fluctuations. The dollar-adjusted returns are what U.S. investors would realize.
Source: Morgan Stanley Capital International (Tuesday closes)
MEXICAN STOCKS
The Mexican peso plunged and the stock market fell to a 17-month low Wednesday as foreign investors fled the market, worried about the economy and the uprising in the southern state of Chiapas.
Yields on Mexico’s treasury bills rose for the second week because of the concerns. Yields on benchmark 28-day treasury bills, or cetes , rose to 40%, their highest level since the auction on Jan. 10.
The peso slipped 2.3% to 5.99 pesos to the U.S. dollar. The peso has fallen 42% in the last eight weeks. Foreign exchange traders said the Mexican central bank intervened to prop up the peso, selling about $100 million to buy pesos.
Source: Bloomberg Business News
SPOTLIGHT: ISRAEL
Immigration from the former U.S.S.R. continues to dominate Israel’s economy. The immigrants and breakthroughs in peace talks have supported sustained, export-oriented growth but also fueled unemployment. The government’s economic policies have begun to attract foreign investment.
Note: Years 1994-97 are estimates
Sources: Bank of America; World Information Services
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