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AMLO Meets With Biden, Industrial Output Data Due

MEXICO
  • President AMLO will meet President Biden where they plan to discuss ways to expand legal migration, improve security and strengthen their shared border during a White House meeting on Tuesday.
  • The two leaders will announce joint actions to improve infrastructure and cooperation along their almost 2,000-mile boundary, according to Biden administration officials, who briefed reporters on the condition of anonymity to speak before the meeting.
    • The visit is the Mexican president’s second to Washington since Biden took office 18 months ago, and comes about a month after Lopez Obrador snubbed Biden’s invitation to a regional summit in Los Angeles after the US excluded the governments of Cuba, Venezuela and Nicaragua for violating their citizens’ democratic and human rights.
  • Data due at 1200BST/0700ET:
    • May Industrial Production NSA YoY, est. 3.0%, prior 2.7%
    • May Industrial Production SA MoM, est. 0.2%, prior 0.6%
    • May Manuf. Production NSA YoY, est. 5.2%, prior 3.9%
  • Moody’s Downgrades Pemex’s Ratings to B1; Outlook to Stable
    • This action was largely expected and is in line with the downgrade to Mexico’s credit rating on Friday.

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