Mexico peso frims as US earnings back recovery bets

* Peso firms 0.08 pct, IPC stock index adds 0.54 pct

* U.S. earnings back recovery hopes, but outlook cautious

MEXICO CITY, April 20 (BestGrowthStock) – Mexico’s peso firmed on
Tuesday as earnings reports from some U.S. companies supported
hopes of an economic recovery in the United States, Mexico’s
top trading partner.

The peso (MXN=: ) (MEX01: ) firmed 0.08 percent to 12.23 per
U.S. dollar while the IPC stock index (.MXX: ) rose 0.54 percent
to 33,621.

Goldman Sachs Group Inc (GS.N: ) said first-quarter earnings
nearly doubled, easing concerns after the Wall Street
powerhouse was charged with fraud last week, and healthcare
company Johnson & Johnson (JNJ.N: ) reported better-than-expected
earnings.

“The corporate results of Goldman Sachs and Johnson and
Johnson are helping risk appetite today,” said Cesar Wyncar, an
analyst at brokerage BASE in Monterrey.

“But there are a lot of companies that still have to report
and the market is going to be looking for signs that the
recovery is solid and not stagnating,” he added.

Mexico is counting on a solid rebound in the U.S. economy
to support a sustained recovery in local exports as Mexico
struggles to overcome a deep recession.

Optimism about recovery in the two closely linked economies
has helped the peso gain around 7 percent this year.

In stock trading, shares in top retailer Wal-Mart de Mexico
(WALMEXV.MX: ) rose 0.6 percent to 30.84 pesos while America
Movil (AMXL.MX: ), Latin America’s biggest cell phone operator,
added 0.32 percent to 31.37 pesos.

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(Reporting by Michael O’Boyle, Editing by Chizu Nomiyama)

Mexico peso frims as US earnings back recovery bets