MNI China Daily Summary: Friday, Aug 9

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June Industrial Production Expected At 1300BST

MEXICO
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • USDMXN has fallen another 0.4% to around 18.80 this morning, as risk sentiment continues to recover and following some supportive comments regarding judicial reform last night. Reuters reported that Morena could change the reform to stagger the election of judges over many years to assuage fears of a political takeover of the judiciary. For USDMXN, support to watch lies at 18.6797, the 20-day EMA
  • In other news, President-elect Sheinbaum said that she will encourage Pemex to enter equity partnerships with private oil companies to boost reserves amid increasing debt. The new government plans to give Pemex board decision-making powers over potential partnerships, according to Reuters.
  • Industrial production figures for June will cross at 1300BST(0800ET), with the market looking for a 0.3% m/m increase, following a 0.7% gain in May. Analysts see the annual rate of IP growth falling to -0.2% y/y, from +1.0% previously. Meanwhile, Foreign Minister Alicia Barcena is in Chile to commemorate the anniversary of the free trade agreement between the two countries.
    • June Industrial Production YoY, est. -0.2%, prior 1.0%; MoM est. 0.3%, prior 0.7%
    • June Manuf. Production NSA YoY, est. -2.0%, prior -1.4%
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  • USDMXN has fallen another 0.4% to around 18.80 this morning, as risk sentiment continues to recover and following some supportive comments regarding judicial reform last night. Reuters reported that Morena could change the reform to stagger the election of judges over many years to assuage fears of a political takeover of the judiciary. For USDMXN, support to watch lies at 18.6797, the 20-day EMA
  • In other news, President-elect Sheinbaum said that she will encourage Pemex to enter equity partnerships with private oil companies to boost reserves amid increasing debt. The new government plans to give Pemex board decision-making powers over potential partnerships, according to Reuters.
  • Industrial production figures for June will cross at 1300BST(0800ET), with the market looking for a 0.3% m/m increase, following a 0.7% gain in May. Analysts see the annual rate of IP growth falling to -0.2% y/y, from +1.0% previously. Meanwhile, Foreign Minister Alicia Barcena is in Chile to commemorate the anniversary of the free trade agreement between the two countries.
    • June Industrial Production YoY, est. -0.2%, prior 1.0%; MoM est. 0.3%, prior 0.7%
    • June Manuf. Production NSA YoY, est. -2.0%, prior -1.4%