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Macro Analysis / Mexico

Mexico: Lower House approves 2021 Revenue Law – now to the Senate

The Lower House finalised the approval process of the 2021 Revenue Law, along other fiscal-related legislation. While macroeconomic assumptions were unchanged, other adjustments were made, driving revenues slightly down. In this respect, total income...
Banorte Gabriel Casillas Olvera
Gabriel Casillas Olvera @ Banorte 22 October 2020
Mexico: Lower House approves 2021 Revenue Law – now to the Senate
Mexico: Lower House approves 2021 Revenue Law – now to the Senate
Macro Analysis / Mexico

Mexican unemployment ticks lower, driven by formal sector

In contrast to recent months, job gains concentrated in the formal sector (63.4% of the total), with a decline of the informality rate to 54.9% from 55.1% in August. All in all, this implies that overall employment levels remain 4.6 million below tho...
Banorte Juan Carlos Alderete Macal
Juan Carlos Alderete Macal @ Banorte 21 October 2020
Mexico unemployment rate ticks lower, driven by formal sector
Mexico unemployment rate ticks lower, driven by formal sector
Sovereign Analysis / Ukraine

Ukraine: Another IMF review, another delay

It is now reasonably well known that the IMF’s programme review is delayed. It is no secret the IMF is concerned about threats to the National Bank of Ukraine's (NBU) independence following the resignation of Governor Smoliy in July and the circumsta...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 21 October 2020
Ukraine: Another IMF review, another delay – notes from virtual meetings
Ukraine: Another IMF review, another delay – notes from virtual meetings
Strategy Note / United States of America

Google anti-trust implications for mega Tech and EMs in its shadow

Nevertheless, greater anti-trust regulatory scrutiny for mega Technology adds to other worsening risk factors this year: nationalist regulation, China-Taiwan territorial friction, and much dearer valuation multiples. Investors continue to look throug...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 21 October 2020
Google anti-trust implications for mega Tech and EMs in its shadow
Google anti-trust implications for mega Tech and EMs in its shadow
Macro Analysis / Russia

Russia 9M 20 macro stats: Sliding deeper instead of rebounding

The weakness in retail and production patterns, which disappointed in August, intensified in September. Retail trade shrunk 3.0% y/y; manufacturing output started to contract again in September. Monetary or fiscal support unlikely to come in 4Q20.
Alfa Natalia Orlova
Natalia Orlova @ Alfa 21 October 2020
Flash Report / Nigeria

Nigeria: #EndSARS risk spreads to lockdown and Niger Delta oil threat

The ENDSARS protest in Nigeria has escalated quite quickly over the past two weeks with several killings across the country. Things are unlikely to remain the same after this. The risks are likely tended more to the downside from this point. This is...
Tellimer Research Janet Ogunkoya
Janet Ogunkoya @ Tellimer Research 21 October 2020
Nigeria: #EndSARS risk spreads to lockdown and Niger Delta oil threat
Nigeria: #EndSARS risk spreads to lockdown and Niger Delta oil threat