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Economic Activity Data Firms, Ahead of Expectations

MEXICO
  • Mexico August Economic Activity Rises 0.97% M/m; Est. 0%
  • Mexico August Economic Activity Rose 5.69% Y/y; Est. +3.1%
  • As a reminder on Monday, core inflation sped up to 8.39% in early October from a year prior. The result was above the 8.29% reading in late September and outpaced the median estimate of 8.32% reported by analysts in a Bloomberg survey and was highlighted as a top concern by Banxico Deputy Governor, Jonathan Heath.
    • Additionally, an economist at BNP Paribas noted that “core inflation reflects how entrenched inflation is. While non-core price pressures and shocks begin to fade, core inflation shows how those shocks have already created second-order effects.”
    • Banxico will next meet on November 10.
  • In local news, a federal judge in the Mexican state of Guanajuato ordered a definitive suspension against the National Guard being incorporated into the Defense Ministry, Milenio reported.
    • Judge Karla Macias said the National Guard should be under control of the Public Security Ministry.
  • Separately, Pemex estimates that it will have total financial debt of $105.45 billion by the end of 2022, according to the company’s CEO.
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