(Recasts first paragraph; adds details, background)
MEXICO CITY, Nov 7 (Reuters) - Mexican stocks fell sharply
on Wednesday after a huge quarterly loss by U.S. auto giant
General Motors <GM.N> stirred worries about the health of the
economy in the United States, Mexico's top trading partner.
The benchmark IPC stock index <.MXX> fell 1.08 percent to
30,101 points, with bellwether telecom America Movil <AMXL.MX>
leading the decline.
The losses at the largest U.S. auto maker come as the U.S.
economy is grappling with a housing market downturn and the
fallout from the subprime mortgage crisis.
The peso <MXN=> <MEX01> weakened 0.39 percent to 10.7485
per dollar. The benchmark government 10-year peso bond
<MX10YT=RR> lost 0.06 of a point in price to bid 100.222,
pushing its yield up one basis point to 7.96 percent.
Shares of America Movil <AMXL.MX>, Mexico's dominant cell
phone operator, dropped 1.28 percent to 33.18 pesos. Its New
York traded shares <AMX.N> gave up 1.88 percent to $61.71.
(Reporting by Jason Lange and Lizbeth Salazar; Editing by
Theodore d'Afflisio)
(([email protected]; 52 55 5282 7153; Reuters Messaging:
[email protected]))
Keywords: MARKETS MEXICO/