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Citi On Nearshoring, Focus on US data/Fed Speak

MEXICO
  • Citi believe that if nearshoring in Mexico is successful, the probability that the country will lose its IG status will decrease and sovereign spread would trade at fair value to their rating, Citi economists and strategists wrote in a report Wednesday.
  • The US Department of State said it’s in favour of independent electoral institutions in Mexico, after thousands of people marched in the capital to reject President AMLO’s proposal to reform the electoral system, Reforma reported.
    • The US considers independent, non-partisan electoral institutions key to guaranteeing democracy, Reforma reported citing the State Department spokesman Vedant Patel.
  • Third day of energy event “Encuentro Internacional de Energia Mexico 2022” (EIEM 2022).
  • Second day of Amafore event in Mexico City.
  • There are no major Mexican data releases this week.

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