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Mexican Stocks, Peso Advance on Spanish Banks' Aid Package

--IPC stock index up 0.3% in early trade --Markets lifted by news of European Union loans for Spain --MXN modestly stronger vs. USD in cautious trade By Amy Guthrie MEXICO CITY--Mexican shares opened higher Monday, joining a global-market celebration following Spain's weekend agreement to seek bailout funds for its banks. The IPC index of Mexico's most-traded shares was recently up 114 points, or 0.3%, to 37438 on volume of 16 million shares, valued at 286 million pesos ($21 million). The peso was also modestly stronger against the U.S. dollar, at MXN13.9275 compared with MXN13.9385 at the close Friday. European markets traded sharply higher after Spain agreed to an aid package of as much as 100 billion euros ($125 billion) in loans from the European Union to assist its banks, although stocks came off highs as investors looked more critically at the bailout accord. "While it can be argued, and we will, that the amount will likely prove insufficient...the most important thing today is that European officials have innovated and responded," Brown Brothers Harriman said in a note. Mexican brokerage Banorte-Ixe warned that the relief rally caused by news of aid for Spain may only be temporary. The brokerage recommends light exposure to Mexican equities given likely further headwinds from Europe and signs of slowing global growth. Among Mexican blue chips early Monday, wireless carrier America Movil SAB (AMX, AMX.MX) was gaining 0.6% to MXN16.56, while cement maker Cemex (CX, CEMEX.MX) was rising 1.5% to MXN7.69 and retailer Wal-Mart de Mexico SAB (WMMVY, WALMEX.MX) was up 0.4% to MXN34.95. In local economic news, Mexican industrial output maintained a healthy rate of growth in April, expanding 3.6% from a year earlier with gains in manufacturing and construction offset slightly by lower oil production. The 3.6% increase from April 2011 was below the 4.5% median estimate in a Dow Jones Newswires survey of eight economists, but above the 3% year-on-year rate registered in March. Write to Amy Guthrie at amy.guthrie@dowjones.com.

Stock News for America Movil (AMX)
DateTimeHeadline
12/15/201413:16:41Oi CEO Says Company Better Positioned for Brazilian Consolidation
12/09/201418:13:08ADR Shares End Lower; America Movil Shares Trade Actively
11/25/201418:55:04Telefónica Works to Redraw Its Empire
10/23/201402:15:06Telekom Austria 3Q Net Profit Surges to EUR127.8 Million
10/20/201421:10:46America Movil Raises Stake in Telekom Austria
10/20/201419:09:21America Movil Raises Stake in Telekom Austria to 59.7%
09/30/201418:03:23ADR Shares End Lower; America Movil, HSBC Shares Trade Actively
09/30/201412:43:05Brazil's Government Raises Less Than Expected From Auction of...
09/23/201417:53:43Brazil's Oi Won't Participate in Country's Airwave Auction
09/16/201418:21:44ADR Shares End Higher; Petrobras Shares Trade Actively
09/10/201421:10:23Ricardo Salinas to Buy Televisa's Stake in Iusacell
08/21/201407:32:00Brazilian Court Gives Green Light to Airwaves Auction Process
08/19/201408:25:49Telecommunication-Tower Operator T4U Plans IPO in Brazil
07/21/201418:03:34ADR Shares End Mixed; Philips Shares Trade Actively
07/14/201419:30:42America Movil Secures Majority Stake in Telekom Austria
07/09/201417:30:46ADR Shares End Higher; America Movil, Teva Shares Trade Actively
06/30/201417:04:08ADR Shares End Mixed; Philips, America Movil Trade Actively
06/27/201418:49:40Slim to Buy Back America Movil Stake from AT&T
06/27/201418:48:41Carlos Slim to Buy Back 8.3% America Movil Stake from AT&T
06/17/201406:22:21Telekom Austria's New Ownership Structure Approved by Regulator

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