International Business : Global Markets and Economic Update
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FOREIGN STOCK MARKETS
Stock index trends in native currencies and in U.S. dollars adjusted for currency fluctuations. The dollar-adjusted returns are what U.S. investors would realize.
Source: Morgan Stanley Capital International (Tuesday closes)
MEXICAN STOCKS
* Mexican stocks, led by shares of mining and export-oriented companies, rose this week as interest rates fell for the fourth week in a row, fueling optimism that the economy will soon show signs of recovery. * Shares of mining firm Grupo Mexico, steelmaker Hylsamex and beer producer Grupo Modelo led the market higher after the government revised upward its first-half trade surplus to $3.09 billion. The three companies have seen their exports rise and are expected to continue profiting from a weak peso.
* The peso was stable this week but has fallen 44% against the dollar in the last eight months.
Sources: Bloomberg Business News, Dow Jones
SPOTLIGHT: ALGERIA
Algeria has been crippled by Islamic fundamentalist violence since 1992, hobbling attempts to liberalize the economy, which is dependent on international prices for petroleum. Faced with prospects of bankruptcy in 1994, the government developed a stabilization program that devalued the currency by 40%.
Source: Bank of America World Information Services
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