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MEXICO: October Outstanding Loans, Budget Balance Expected

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • On the data front , net outstanding loans figures for October are due at 1500GMT(1000ET). In September, loans rose 12.1% y/y to MXN 6,562.70bn, driven by a 17.8% y/y increase in consumer loans. In real terms, net outstanding loans rose by 7.1%. Also due today are public balance figures for the year-to-date to October. In September, the budget deficit amounted to MXN 1,080.9bn YTD.
    • Oct. Net Outstanding Loans, prior 6.56t
    • Oct. Mexican Public Balance, prior -1.08t
  • Next week, attention turns to the November manufacturing PMI on Monday, followed by October unemployment and gross fixed investment for September on Tuesday.
  • In other news, Pemex has said that it is putting a hold on new contracts with service providers as it looks to pay off the roughly $20bn it owes to suppliers. In a statement, the company said that its production arm wasn’t “freezing” contracts, but rather temporarily suspending them while it performed an analysis of pending deals coming due before year-end. It added that the analysis is being conducted in tandem with its 2025 budget guidance and the evaluation of contracts would not compromise operations next year.
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  • On the data front , net outstanding loans figures for October are due at 1500GMT(1000ET). In September, loans rose 12.1% y/y to MXN 6,562.70bn, driven by a 17.8% y/y increase in consumer loans. In real terms, net outstanding loans rose by 7.1%. Also due today are public balance figures for the year-to-date to October. In September, the budget deficit amounted to MXN 1,080.9bn YTD.
    • Oct. Net Outstanding Loans, prior 6.56t
    • Oct. Mexican Public Balance, prior -1.08t
  • Next week, attention turns to the November manufacturing PMI on Monday, followed by October unemployment and gross fixed investment for September on Tuesday.
  • In other news, Pemex has said that it is putting a hold on new contracts with service providers as it looks to pay off the roughly $20bn it owes to suppliers. In a statement, the company said that its production arm wasn’t “freezing” contracts, but rather temporarily suspending them while it performed an analysis of pending deals coming due before year-end. It added that the analysis is being conducted in tandem with its 2025 budget guidance and the evaluation of contracts would not compromise operations next year.