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April Retail Sales, Banamex Survey Due Today

MEXICO
  • President-elect Claudia Sheinbaum will announce members of her cabinet at an event in Mexico City at 1800BST(1300ET). She has previously said that she would name six ministers today. Meanwhile, one of her advisers, Altagracia Gomez, is due to give a keynote speech at an El Financiero event at 1600BST on nearshoring.
  • The announcements come after Sheinbaum said yesterday that her government would maintain a responsible balance between debt and GDP and wouldn’t increase debt, with the fiscal deficit reaching no more than 3.5% of GDP next year, from an estimated 5% this year.
  • Data wise, April retail sales figures are due at 1300BST(0800ET), with analysts expecting another 0.2% m/m decline. Annual growth is expected to rebound to +1.0% y/y, from -1.7%. Meanwhile, the latest Banamex survey is due to be published later, with focus on economist interest rate expectations following the sharp sell-off of MXN. Banxico is due to hold its next monetary policy meeting on June 27.
    • April Retail Sales YoY, est. 1.0%, prior -1.7%
    • April Retail Sales MoM, est. -0.2%, prior -0.2%
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