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Macro Analysis / Mexico

Mexico employment recovered further in August, but at a more modest pace

Job gains stayed more concentrated in the informal sector, with the informality rate up to 55.1% from 54.9% in July. Despite of the latter, it still implies a reduction of 5.3 million jobs relative to the level observed in March. Going to those perso...
Banorte Juan Carlos Alderete Macal
Juan Carlos Alderete Macal @ Banorte 29 September 2020
Macro Analysis / Mexico

Mexico trade balance: Historically high surplus third time in a row

Exports keep showing a stronger performance (-7.7% y/y) relative to imports (-22.1%), driving the surplus higher. We expect exports to keep improving, driven by external demand, with imports lagging on weak domestic performance. Trade balance: US$6,1...
Banorte Juan Carlos Alderete Macal
Juan Carlos Alderete Macal @ Banorte 28 September 2020
Strategy Note / Global

Emerging-Frontier Equity Monthly, September: EM Tech and FM outperform

Covid-19continues to oscillate between a source of gloom (new waves of infections even in those countries previously successful in their control of it, lasting economic damage to traditional businesses) and one of optimism (partial control of infecti...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 27 September 2020
Emerging-Frontier Equity Monthly, September: EM Tech and FM outperform
Emerging-Frontier Equity Monthly, September: EM Tech and FM outperform
Macro Analysis / Mexico

Mexico: IGAE – The recovery extended through July, adjusting to the ‘new normal’

Today’s report helps confirm that the lowest point for activity was observed in May, although with timely indicators more mixed in terms of the likely trend for activity during the rest of 3Q20. In this respect and taking a look at the breakdown – us...
Banorte Juan Carlos Alderete Macal
Juan Carlos Alderete Macal @ Banorte 25 September 2020
Sovereign Analysis / Bolivia

Bolivia: Uncertainty continues ahead of October election re-run

Bolivia’s Presidential election re-run, now scheduled for 18 October, looks set to be a two-horse race between the leftist candidate Luis Arce of the MAS party of former (now exiled) President Evo Morales and centrist former President Carlos Mesa, af...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 25 September 2020
Bolivia: Uncertainty continues ahead of October election re-run
Bolivia: Uncertainty continues ahead of October election re-run
Macro Analysis / Mexico

Mexico: Banxico closed the door, but left it unlocked

In a unanimous decision, Banxico cut the reference rate by 25bps to 4.25%, in line with consensus and our expectations. Banxico cut the reference rate by 25bps to 4.25%. Modest, but important, changes to the statement. Balance of risks unchanged. On...
Banorte Gabriel Casillas Olvera
Gabriel Casillas Olvera @ Banorte 25 September 2020
Mexico: Banxico – Closed the door, but left it unlocked
Mexico: Banxico – Closed the door, but left it unlocked