| | |  Business News | October 2009 
Mexican Stocks Drop After U.S. Consumer Data
 Michael O'Boyle - Reuters
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October 30, 2009
Mexico City - Mexico's peso edged up on Friday after Mexican Senate committees approved a watered-down version of President Felipe Calderon's proposal to raise consumption taxes.
But stocks fell after U.S. consumer sentiment slipped this month, undermining confidence in the strength of the recovery in the United States, Mexico's top trading partner.
The peso gained 0.03 percent to 13.0707 per U.S. dollar, pulling back from a session high of 12.99 pesos as global stocks markets fell.
Senate committees passed a 1 percentage point increase in the country's value added tax and a 2 percentage point hike in the income tax rate for top earners in a bid to curb Mexico's dependence on taxing oil revenue amid a drop in crude production.
The IPC stock index lost 1.47 percent to 28,819 points as cement maker Cemex fell 4.87 percent to 14.05 pesos.
(Editing by W Simon)
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