Global Markets and Economic Update
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FOREIGN STOCK MARKETS: Stock index trends in native currencies and in dollars adjusted for currency fluctuations. The dollar-adjusted returns are what U.S. investors would realize.
Source: Morgan Stanley Capital International
MEXICAN STOCKS
* Investors responded with a buying frenzy to the news that Manuel Camacho Solis has decided not to run for the presidency in August. The Bolsa index rocketed 128.91 points, or 5.4%, to 2,511.92, the biggest one-day rise since January, 1991.
* The market had been sinking for weeks on expectations that Camacho, the peace commissioner negotiating with Mexico’s southern rebels, would challenge the ruling PRI party’s candidate. His decision not to do so ends fears of a messy campaign that could derail the PRI’s long-term economic plan. Analysts warn that the government still faces the challenge of reviving the economy in the short run.
The Bolsa Index Tuesday closes: 1,949.51
Source: D.A. Campbell, Times wire services
SPOTLIGHT: INDIA
The economy has improved drastically in the past three years as a result of reduced tariffs, a devalued currency and new export-oriented and foreign investment policies. Finance Minister Manmohan Singh recently proposed further reforms, including cutting customs duties, widening rupee convertibility and easing taxes.
Sources: Bank of America, World Information Services
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