RTRS: Mexican stocks drop after U.S. consumer data
MEXICO CITY, Oct 30 (Reuters) - 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 MXN= MEX01 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. [ID:nLU556519]
The IPC stock index .MXX lost 1.47 percent to 28,819 points as cement maker Cemex (CMXCPO.MX) fell 4.87 percent to 14.05 pesos. (Reporting by Michael O'Boyle, editing by W Simon )
