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Mexico's peso, stocks gain on US bank hopes

Mexico's peso, stocks gain on US bank hopes Thu May 7, 2009 10:10am EDT go to original MEXICO CITY, May 7 (Reuters) - The Mexican peso firmed on Thursday and stocks rose on bets that the results of the "stress tests" for U.S. banks due later in the day would ease worries about the battered banking industry. The peso MEX01 firmed 0.29 percent to 13.0975 per dollar while the IPC stock index gained .MXX 1.44 percent to 24,251. Economic activity across the country was returning to normal after a deadly flu outbreak spurred a shutdown of businesses that mostly ended on Wednesday. The results of U.S. government tests on the ability of the 19 largest banks to weather a deep recession will be released at 5 p.m. and are expected to show about half of the banks need more capital. [ID:nL776802] "The main message ... is that capitalization requirements are manageable," Mexico City-based ING economist Salvador Moreno wrote in a report. Any sign that the credit crisis is waning in the United States bodes well for Mexico, which sends around 80 percent of its exports to its northern neighbor. Shares in America Movil (AMXL.MX: Quote, Profile, Research, Stock Buzz)(AMX.N: Quote, Profile, Research, Stock Buzz) rose 1.44 percent to 24.66 pesos while top retailer Wal-Mart de Mexico (WALMEXV.MX: Quote, Profile, Research, Stock Buzz) gained 1.71 percent to 39.90 pesos. (Reporting by Michael O'Boyle, editing by Walker Simon)
Published Thursday, May 7, 2009 10:19 AM by Zinnia Q.

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