Wow! Mexican economy grows 3.42 pct in Feb from yr ago
First, the great news is Mexico in North america not in Europe.. What a day! Weak hands are out.
Peter Cardillo, chief market economist at Avalon Partners, acknowledged that the market is ripe for a pullback but believes Greek contagion fears will only exert short-term pressure on the market. "Earlier we had strong consumer data and good earnings reports from Ford(F), DuPont(DD) and UPS(UPS), but even more important is what these companies have been saying about the strength of the economy," Cardillo said. "Even these downgrades eroded earlier gains, we have Fed decision tomorrow afternoon, which may rephrase the 'extended period language' and give a better assessment of the economy. Plus we have the GDP report on Friday," he said, adding, "I just don't think the market is ready to move into a steeper pullback. I think this weakness will probably be short-term."
Now the good news about mexico.
Good news! Mexican economy grows 3.42 pct in Feb from yr ago
MEXICO CITY, April 27 (Reuters) - Mexico's economy grew 3.42 percent in February from a year earlier, slightly less than expected, the national statistics agency said on Tuesday.
Analysts had forecast growth of 3.6 percent in the IGAE indicator MXIGDP=ECI, according to a Reuters poll.
Mexico's economy also expanded 0.46 percent from January after a month-over-month contraction of 1.03 percent from December.
Mexico is highly dependent on exports to the U.S., which represent more than a quarter of the country's GDP. The result is that the Mexican economy is strongly linked to the U.S. business cycle, and has suffered from the economic slowdown in the United States. Real GDP grew by 5.1% in 2006, 3.3% in 2007, and 1.3% in 2008. Government officials expect the economy to contract by 6.8% for 2009 and rebound in 2010 with 3% growth.
Mexico's economy is recovering from its deepest recession since the 1930s as Americans buy more cars, televisions and refrigerators made south of the border.
The farming and livestock sector recorded the widest gains, with 8 percent expansion from a year ago. The sector that includes mining, construction and power expanded by 4.4 percent. (Reporting by Patrick Rucker; Editing by Dan Grebler)