The Mexican market is poised for its second consecutive decline.

The local indices are retreating, signaling their second consecutive decline, as the market absorbs a solid private employment report in the United States.

Mexican stock exchanges are operating with losses this Wednesday morning. Local indices are retreating, signaling their second consecutive decline, as the market absorbs a solid private employment report in the United States.

The leading index, S&P/BMV IPC, of the Mexican Stock Exchange (BMV), which measures the 35 most traded local stocks, is down 0.08% at 57,536.32 points. The FTSE BIVA, of the Institutional Stock Exchange (BIVA), is down 0.24% to 1,180.48.

Meanwhile, the USD/MXN exchange was trading lower due to a strong appreciation of the Mexican peso, hovering around the mark of 16.50 units per USD.

Most stocks are declining within the reference index. Leading the declines are bottler Arca Continental, down 1.29% to 178.27 pesos, followed by Grupo Carso, down 1.04% to 145.12 pesos.

Payroll processor ADP reported that private payrolls in the United States increased by 184,000 in March, their largest gain since last July, supporting bets that the Fed will delay rate hikes.

In other relevant news of the day, companies in the automotive industry in Mexico sold 124,395 units during last March, representing a growth of 4.7% compared to the same month in 2023, achieving the highest volume not recorded since 2017, reported Inegi (National Institute of Statistics and Geography).

However, sales to the public of light vehicles in Mexico are slowing down, as the 4.7% variation recorded in March 2024 is the lowest rate since July 2022, as the industry was experiencing double-digit increases.