Saturday , June 19 2021

Banks fall on the Mexican stock market after Moren's proposal to remove the commission

GRAD MEXICO.- Mexican Stock Exchange (BMV) on Thursday was damaged by part-time work, which is withdrawn by bank sector shares, which is down 9 percent.

At 11:19 am, the CPI, the stock market benchmark, fell more than 1,578 points or 3.35 percent to 45,349 units.

According to comments by Gabriel Siller, financial and stock exchange director of the Banco Base analysis, a bill that should propose Senate Ricardo Monreal de Morena, which would ban banks to charge fees in various ways, could hit the sector,

In addition, the financial group said in a message to its clients that there is a high probability that the Bank of Mexico will raise its benchmark of 25 basis points at its next November 15 meeting.

Stocks fell 5.26 percent to 26.91 pesos; Banco del Bajío fell 5.57 percent to 39.65; Santander dropped by 8.6 percent to 25.77; while Banorte was most dumb, and remained at 9.55 percent at 109.57 pesos.

Morena Cathedral Coordinator Ricardo Monreal will present this Thursday full Senate initiative that opposes confusing and "excessive misuse" of bank fees that only earned over EUR 108 billion in pesos in the sector in 2017, eight percent more than in 2016 .

The Draft Decree, which raises amendments to the Law on Transparency and the Order of Financial Services and the Credit Institutions Act, proposes to ban banks to charge fees in various concepts, such as: Check Balance and Withdrawal in Cash at Inside ATMs; because they do not charge the minimum amount to companies using the terminal product of the point of sale; replacement of a plastic bank for theft or loss;
Issuing an extra account statement and / or printing motion;
cash loan disposal;
annuity concepts of credit cards.

In addition, the figure of inflation affects the market, which is above what was expected. inflation in October it was 0.52 percent in October, which is above the expected 0.5, which is the largest increase since August this year.

New York Stock Exchange, to such an extent, operates with mixed numbers despite the knowledge of the fall of weekly US unemployment assistance applications, which remains at the lowest level for almost 50 years.

Work Department announced that the jobs were located at 214,000 in the week ending November 3,
the lowest level of nearly 50 years, which is about the labor market power.

Dow Jones' industrial average returned its initial drop to 0.19 percent to settle 26,000 231.29 units; while Standard & Poor's 500 recorded a drop of 0.1 percent, standing at two thousand 811.13 units.

On the same line, Nasdaq, which dropped by 0.33 percent to 7.455.54 units.

Tech shares did not score after Jack Dorsey Square had disappointing forecasts of earnings, and Roku recorded a slower growth.

While resigning the lawyer Jeff Sessions threatened to extend the political uncertainty of the United States after mid-term elections on Tuesday, attention could now be focused on the Fed meeting.

Although investors largely predict that interest rates will not change, they will look for any sign of the policy adjustment dynamics 2019.

With information from Reuters, Notimex and Bloomberg.

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