Mexican assets such as the peso and stocks are under pressure as investors assess the chaos that has gripped parts of the country following a security operation targeting the leader of one of the country’s largest drug cartels.
The S&P/BMV IPC stock index settled at 71,452 points after falling as low as 70,802 points in early trading.
The dollar appreciated 0.25% against the Mexican currency to 17.1733 pesos, but the US currency is still depreciating about 4.80% against the Mexican currency since the beginning of the year.
flight cancellation
Yesterday, Nemesio Rubén Oseguerra Cervantes, leader of the El Mencho cartel (one of the country’s largest drug organizations), was killed during a raid by Mexican authorities in the western state of Jalisco, leading to the outbreak of violent clashes across the country.
The U.S. State Department has issued travel warnings for multiple cities across Mexico, and many major international airlines have canceled flights to and from Mexico due to violence linked to local drug gangs.
Mexican assets such as the peso and stocks faced pressure as investors assessed the chaos that has gripped parts of the country following a security operation targeting the leader of one of the country’s largest drug cartels.
The stock index “S&P/BMV IPC” fell to 70,802 points in early trading, before settling at 71,452 points.
The dollar appreciated 0.25% against the Mexican currency to 17.1733 pesos, but the US currency is still depreciating about 4.80% against the Mexican currency since the beginning of the year.
flight cancellation
Yesterday, Nemesio Rubén Oseguerra Cervantes, the leader of the El Mencho cartel (one of the country’s largest drug cartels), was killed during a raid by Mexican authorities in the western state of Jalisco, sparking violent clashes across the country.
The U.S. State Department has issued travel warnings for multiple cities across Mexico, and many major international airlines have canceled flights to and from Mexico due to drug cartel-related violence in Mexico.
