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Mexico's peso weakened on Wednesday and stocks fell after a surprisingly sharp drop in US durable goods data added to concerns about growth in the US economy. The peso gave up 0.42 percent to 10.8750 per dollar, while the benchmark IPC stock index slipped 1 percent to 30,445 points.
The US government report showed new orders for long-lasting manufacturing goods fell more than expected in May, suggesting the US manufacturing sector may be weaker in the second quarter than expected.
Mexico sends nearly 90 percent of its exports to the United States and its economic fortunes are closely tied to US factory output. "The data hurt Mexico, especially because it builds on other worries about the US economy," a stock trader said in Mexico City.
Equities in Mexico have come under pressure in recent days as investors worry that trouble in the US subprime mortgage sector could spread to the rest of the economy. Subprime mortgages cater to borrowers with poor credit histories. Shares of copper miner Grupo Mexico dragged hardest on the index, slipping 2.7 percent to 62.50 pesos.
Leading retailer Wal-Mart de Mexico dropped 1.01 percent to 40.05 pesos. In the bond market, the price of the benchmark 10-year government peso bond was off 0.126 point to bid 101.422, pushing its yield up 2 basis points to 7.77 percent. Bond yields move inversely to their price.

Copyright Reuters, 2007

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