Mexican stock index drops as Usiminas outlook turns cautious

The S&P/BMV IPC, Mexico's main stock index, closed down 0.46% on Wednesday. The decline was driven by losses in industrial, consumer goods and basic materials sectors, while miners and banks posted gains. Peñoles rose more than 6%, Banco del Bajío and Grupo México each climbed about 2%, whereas Grupo Carso, Bolsa Mexicana de Valores and América Móvil were among the biggest losers.

In Brazil, analysts at XP Investimentos warned that the recent rally in Usiminas (USIM5) shares may be losing steam. They cite weaker steel demand, limited incremental benefits from new defense projects and rising costs—including higher coke prices and interest rates—as headwinds. XP projects third‑quarter EBITDA of R$650‑660 million and expects cost pressures to curb profitability going forward.