The Mexican stock market rises sharply ahead of the Fed’s announcement.

Local indices are rising, fully recovering from yesterday’s losses. Within the S&P/BMV IPC, notable performances come from Inbursa and Grupo Bimbo.

The Mexican stock exchanges are trading higher this Wednesday morning. Local indices are on the rise, fully recovering from yesterday’s losses, as the market prepares to learn about the Federal Reserve’s monetary policy decision.

The main index, S&P/BMV IPC, of the Mexican Stock Exchange (BMV), which measures the 35 most traded local stocks, was up 1.28% at 56,259.87 units. The FTSE BIVA index, of the Institutional Stock Exchange (Biva), rose 1.43% to 1,162.30 points.

Within the benchmark index, most stocks are trading with gains. Grupo Financiero Inbursa leads the advances, up by 3.76% at 51.57 pesos, followed by shares of the bakery company Grupo Bimbo, up by 2.93% to 75.98 pesos.

This occurs in a context where President Andrés Manuel López Obrador announced on Wednesday that the Foreign Ministry will respond diplomatically to a law in the state of Texas that allows for the detention and deportation of migrants who illegally cross the border into Mexican territory from the United States.

The US Supreme Court on Tuesday refused to block a Texas law supported by Republicans that gives powers to state police to detain individuals suspected of illegally crossing the border from Mexico and imposes jail terms of up to 20 years for those who refuse to return to their country.