The Mexican stock market rose moderately ahead of the AMLO-Sheinbaum meeting.
On the global front, there was caution ahead of the U.S. inflation report for May.
The Mexican stock market saw moderate gains ahead of the AMLO-Sheinbaum meeting and in anticipation of key U.S. economic data. Investors were cautious as they awaited the U.S. inflation report for May, which is due on Wednesday, just hours before the Federal Reserve’s monetary policy decision is announced.
Mexico’s stock markets closed with gains on Monday. The local indices rose at the start of the week, while investors awaited a meeting between President Andrés Manuel López Obrador and his successor, Claudia Sheinbaum.
The leading index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which tracks the most traded local stocks, gained 0.27% to 53,122.58 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), advanced 0.18% to 1,085.73 points.
Most of the benchmark index’s stocks ended the session with gains. Notably, shares of Genomma Lab rose 5.46% to 17.57 pesos, followed by Grupo Bimbo, which climbed 4.54% to 70.7 pesos.
Local markets were focused on the upcoming meeting between the current president and his successor. López Obrador is seeking Sheinbaum’s support to continue pushing for several constitutional changes, leveraging Morena’s qualified majority obtained in the election.
On the global front, there was caution ahead of the U.S. inflation report for May, due on Wednesday, just hours before the Federal Reserve’s (Fed) monetary policy decision is revealed on the same day.
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