By Michael J. Moore
Oct. 6 (Bloomberg) -- Mexico's peso fell to the weakest in more than two years as the credit-market seizure caused bank bailouts to spread through Europe, reducing demand for emerging- market assets.
The peso dropped 1.2 percent to 11.3865 per dollar at 8:44 a.m. New York time, from 11.2554 Oct. 3. It touched 11.3921, the weakest since July 3, 2006.
BNP Paribas SA agreed to buy Fortis's units in Belgium and Luxembourg for 14.5 billion euros ($19.8 billion) after a government rescue failed, while the German state and financial institutions put together a 50 billion-euro rescue package for Hypo Real Estate Holding AG. Denmark and Germany said they will guarantee all their countries' bank deposits.
To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net
Monday, October 6, 2008
Mexican Peso Falls to Weakest in Two Years as Seizure Spreads
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