México’s indices decline after marking their second consecutive weekly gain on Friday, in line with the weakness seen on Wall Street.

The Mexican stock market falls following comments from the Fed contrary to the expectation of multiple rate cuts this year.

Mexican stock exchanges trade with losses on Monday morning. Local indices lose ground after recording weekly gains for the second consecutive time on Friday, in line with the weakness of Wall Street.

The S&P/BMV IPC index, from the Mexican Stock Exchange (BMV), composed of the 35 most traded local stocks, is down by 0.33% at 56,426.05 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), was losing 0.37% at 1,162.61 units.

Within the benchmark index, most stocks are trading with losses. Cemex shares lead the losses, down by 1.74% at 14.15 pesos, followed by Coca-Cola Femsa, down by 1.22% at 160.25 pesos, and Inbursa, down by 1.09% at 50.14 pesos.

Investors start the week with caution, as there are fewer trading days than usual, following comments from the Fed that weaken expectations of rate cuts. In response, investors are awaiting a key inflation report on Friday.

Today, Monday, President Andrés Manuel López Obrador acknowledged that there are places in Mexico where domestically-produced fentanyl has been found, although its production is minimal.

The President of Mexico detailed that chemical precursors for manufacturing this type of drug have also been discovered, although these quantities are similar to those acknowledged by the United States.

On the other hand, during Monday’s morning press conference on March 25th, the president took the opportunity to address the shared responsibility in the fight against drugs. He pointed out that it is important for the United States to assume its part in combating drug trafficking and to avoid solely blaming Mexico.