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MEXICAN STOCKS
* A drop in interest rates fueled a surge in construction-related stocks, and that pushed the market overall to a five-month high Wednesday. The Bolsa index jumped 60.98 points to 2,173.68.
* Rates on 28-day treasury bills, or cetes, fell to 40.75% at Tuesday’s auction, down from 44.25% last week and the lowest since mid-February. Traders say rates are dropping as investor optimism grows that the economic fallout from December’s peso collapse will be less severe than expected.
* The government said it is planning a program to help domestic banks and construction companies restructure loans made to build toll roads.
The Bolsa Index
Wednesday closes: 2,173.68
Sources: Bloomberg Business News
SPOTLIGHT: NEW ZEALAND
With 84% of the population residing in cities, social spending is intense--community and social service jobs make up 28.4% of the labor force. But since the late 1980s, the government has sold assets and slashed social expenditures. Tourism is the largest source of foreign exchange.
Sources: Bank of America; World Information Services
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