October’s trade balance posted a US$6,223.8mn surplus, a new historical high and surpassing all expectations. In the details, exports (4.8% m/m) gained additional momentum, while imports (1.3%) decelerated marginally. Given sizable differences betwee...

The government announced yesterday another extension to its consent solicitation for its 2023 and 2026 bonds and an amendment to the payment terms. The consent solicitation, which was launched on 13 November, seeks to defer payments falling due in 20...

Gross Domestic Product (3Q20 F, nsa): -8.6% y/y; Banorte: -8.7%; consensus: -8.6%; preliminary: -8.6%. We highlight the +20bps revision to services to 8.8% q/q, helped strongly by the reopening, among other factors. We maintain our -9.0% y/y estimate...

Banxico published today its 3Q20 Quarterly Report (QR). As anticipated in the last statement, the monetary authority revised its inflation forecasts mostly to the upside. Hence, there is no convergence to 3% in headline inflation during the forecast...

Retail sales stood at -7.1% a/a, better than expectations and aided by an improvement in epidemiological conditions. In monthly terms they advanced 2.7%, with increases in sectors related to higher mobility, such as clothing and leisure. Going forwar...

Africa is no less geared to the bump in commodity export prices and no less chequered in terms of sluggish reform and accumulation of debt than Latin America, where much more liquidly traded equity market peers have rallied sharply this month. Egypt...