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Macro Analysis / Mexico

Mexico's record-high trade surplus signals domestic weakness

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...
Banorte Juan Carlos Alderete Macal
Juan Carlos Alderete Macal @ Banorte 27 November 2020
Mexico's record-high trade surplus signals domestic weakness
Mexico's record-high trade surplus signals domestic weakness
Flash Report / Suriname

Suriname extends and amends consent solicitation

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...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 27 November 2020
Suriname extends and amends consent solicitation
Suriname extends and amends consent solicitation
Macro Analysis / Mexico

Mexico: 3Q20 GDP – Broadly unchanged, highlighting more dynamism in services

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...
Banorte Gabriel Casillas Olvera
Gabriel Casillas Olvera @ Banorte 26 November 2020
Macro Analysis / Mexico

Mexico's central bank raises its forecasts despite prevailing uncertainty

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...
Banorte Gabriel Casillas Olvera
Gabriel Casillas Olvera @ Banorte 26 November 2020
Macro Analysis / Mexico

Mexico: Stronger than expected retail sales in September as mobility kept rising

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...
Banorte Juan Carlos Alderete Macal
Juan Carlos Alderete Macal @ Banorte 25 November 2020
Strategy Note / Global

Africa equities should catch LatAm peers, Egypt top pick

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...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 25 November 2020
Africa equities should catch LatAm peers, Egypt top pick
Africa equities should catch LatAm peers, Egypt top pick