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Mexico peso slide as China slump rattles markets

Source: Reuters - Wed 19th Aug 2009

Mexico's peso weakened on Wednesday and stocks slipped after the second sell-off in Chinese shares this week stoked worries that prices for riskier assets have run too far ahead of real growth prospects.

The peso lost 0.31 percent to 12.96 per U.S.dollar.

The IPC stock index gave up 0.2 percent to 27,490 hurt most by declines in shares of wireless operator America Movil and copper miner Grupo Mexico.

The Shanghai stock market slid 4.3 percent earlier on Wednesday as nervous investors bailed out on worries the 20 percent slide seen in just two weeks would deepen.

The IPC has shed 3 percent from a more than one-year high touched last week amid worries a sluggish rebound in the United States, Mexico's top trading partner, will dampen a domestic recovery from what looks to be the worst recession in decades.

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