Global Markets and Economic Update
MEXICAN STOCKS
* Mexican stocks posted their biggest one-day gain Wednesday since mid-July amid expectations of healthy third-quarter earnings. The Bolsa index soared 2.82% to close at 2,740.82 points.
* Analysts also said the results of today’s auction of government securities encouraged investors. Yields on treasury bills, or cetes, rose between seven and 37 basis points, less than expected. Analysts had expected interest rates to rise to between 14% and 16% after the Sept. 28 assassination of Jose Francisco Ruiz Massieu, a top official at the ruling Institutional Revolutionary Party and a pro-reform politician.
Source: Bloomberg Business News
SPOTLIGHT: ETHIOPIA
After the turmoil under the leadership of deposed Marxist dictator Mengistu Haile Mariam and the ravages of famine, the economy has had a bumpy ride. It now appears to be showing some growth. Inflation and a relatively high foreign debt remain serious problems, however.
Sources: Bank of America, World Information Services
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