Global Markets and Economic Update
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MEXICAN STOCKS
* The Bolsa suffered another hit Tuesday, dropping 49.09 points, or 1.8%, to 2,635.05, its lowest level since mid-January. Some selling appeared to be a delayed reaction to the government’s report Sunday that economic growth was a mere 0.4% last year, compared to the 1% or so that many analysts had expected.
* The deep slowdown in the Mexican economy in 1993 raises the risk that growth this year will also be sub-par, which could clip corporate profits, experts say. Also, with U.S. interest rates moving up, many analysts fear that the recent decline in Mexican interest rates to historic lows may have run its course for now.
Sources: D.A. Campbell, Times wire services
SPOTLIGHT: SWEDEN
A faltering economy in the late 1980s prompted the Social Democrats to begin an austerity program that chipped away at Sweden’s social welfare system. A center-right government elected in 1991 quickened the pace, including cutting sick leave to increase production and trimming business taxes.
Sources: Bank of America, World Information Services
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