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The Mexican peso fell to 17.6 per USD in late June, the weakest since early April, amid contrasting outlooks for the Bank of Mexico and the Federal Reserve. The dollar surged against G10 and emerging market currencies after hawkish projections by FOMC members in their latest rate decision drove markets to position for more than one rate hike by the central bank this year. Conversely, the latest economic data weakened the argument for dovish policymakers at Banxico. The domestic headline inflation rate fell more than expected to a ten-month low of 3.55% in the first half of June, while the core rate also eased more than forecasted. Besides loosening policy domestically, a narrower rate differential between both central banks would decrease demand for peso-denominated carry trades.

Mexican Peso Drops to April Lows

Industrial production in Russia declined by 0.7% year-on-year in May 2026, reversing a 1.9% gain in the previous month. Output declines were recorded in mining, extending a decline to 2.7% from 0.4% in the previous month, followed by weakened activity in the provision of electricity, gas and steam, air conditioning (-2.2% vs 0.9%) and water supply, sanitation, waste collection and disposal, pollution control activities (-3.4% vs 0.9%). Manufacturing growth slowed sharply, increasing only 0.5% compared to 3.1%. On a seasonally adjusted monthly basis, industrial production declined 0.8% in May, following an increase of 0.3% in the prior period.

Russia Industrial Output Declines

The FTSE MIB declined 0.8% to close at 51,639 on Wednesday, with sentiment weighed down by a combination of defensive sector weakness and ongoing tech pressure. Defense contractor Leonardo extended losses to 5% after reports that Germany is considering cancelling plans for its largest post–World War II warship in favor of purchasing eight smaller frigates from TKMS. Avio followed losing 4.2%. Semiconductor company STMicroelectronics edged lower by 0.5% while Prysmian declined 1.1%, as investors stayed cautious ahead of Micron earnings results for further conclusions on the sector. Contributing to the market decline, Unipol led losses in the banking sector with a 2.6% drop, followed by Banco BPM (-2.1%), UniCredit(-1.4%) and BPER Banca (-1.4%). Elsewhere, Ferrari recorded strong gains of 1.9%. Energy stocks were mixed, with Italgas down 1.2% and Enel 0.3%, and Snam up 1.6%.

FTSE MIB Edges Lower

The FTSE MIB Index fell 385 points or 0.74 percent on Wednesday to close at 51639 points. Leading the losses are Leonardo SpA (-5.05%), Avio (-3.69%) and Eni (-3.28%). Top gainers were Diasorin (3.13%), Ferrari NV (2.06%) and Telecom Italia (1.62%).

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