Banorte
Banorte

Banorte

Coverage: Mexico
Grupo Financiero Banorte is the second largest financial group in Mexico. It operates as a full-service bank, offering a suite of products and services through its banking, insurance, asset management and broker-dealer divisions.
Location: Mexico

Latest articles from Banorte

Weekly economic calendar and Earnings Results - For the week ending May 21, 2021

In the US, attention on the FOMC’s minutes, May’s Empire Manufacturing, Philly Fed and PMI manufacturing. In the Eurozone, 1Q21 GDP and April’s inflation, Euro-area finance ministers and central bankers meeting. In Mexico, we expect March’s retail sa...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 17 May 2021

Mexico: Ahead of the Curve

We anticipate a 1.8% y/y expansion from -6.3% in the previous month. This would be its first positive print since February 2020, influenced by the start of the pandemic exactly one year before, which distorts annual figures heavily. We recall that Fe...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 14 May 2021

Mexico: Banxico – Concerns on inflation reaffirm possible rate hikes this year

Banxico keeps the rate unchanged at 4.00%. In addition, it was unanimous. In line with our view, the tone of the statement was more hawkish relative to the previous one, given increased cautiousness on inflation and a better outlook for growth. In th...
Banorte Gabriel
Gabriel Casillas Olvera @ Banorte 13 May 2021

Mexico: IP – Strong acceleration in March on a more favorable backdrop

This positive surprise would imply a revision of around +10bps to 1Q21 GDP, towards -3.7% y/y. Industry rose 0.7% m/m (Chart 3), its tenth consecutive monthly recovery and above the 0.3% seen in February, which in turn was a positive surprise. Despit...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 12 May 2021

Mexico: Domestic demand moderates in February, albeit with a better outlook

Consumption backtracked 0.2% m/m, with all categories down except domestic services, while imported goods were weakest at -1.8%. Nevertheless, using seasonally adjusted figures, investment rose 2.4% m/m, very positive considering the strong 3.9% expa...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 11 May 2021

Mexico: Ahead of Curve

Banxico’s monetary policy decision (May 13th). It is our take that the central bank will show a relatively hawkish tone, especially because of price dynamics. Sequential data becomes more important to isolate for this, forecasting a whopping 3.1% m/m...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 7 May 2021