International Business : 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
On the eve of the North American Free Trade Agreement vote in the U.S. House of Representatives, bullishness ruled the Mexican market: The Bolsa index shot up 36.02 points to a record 2,159.35 on Tuesday. The Bolsa has climbed 205.51 points, or 10.5%, over the past five trading sessions.
To make the point that Mexico is likely to remain an attractive market for investment with or without NAFTA, the government noted Tuesday that $7.93 billion in foreign capital flowed into Mexico in the first nine months of this year, up 18.4% from the pace of 1992. Still, analysts concede that NAFTA’s defeat would be a blow to market psychology, at least in the near term.
The Bolsa Index:
Tuesday closes: 2,159.35
Source: D.A. Campbell Co.
SPOTLIGHT: FRANCE
The government claims the recession, marked by 11.8% unemployment, has bottomed out and that the economy will grow modestly next year. The government has resisted calls for lower interest rates to stimulate growth, opting for high rates to keep the French franc stable against the German mark.
Note: Years ’93 through ’98 are projected Sources: Bank of America; World Information Services
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