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MEXICO: November Vehicle Production, Exports Due At 1200GMT

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Trade Minister Luis Rosendo Gutierrez held a series of meetings in Washington yesterday, including with US lawmakers to discuss trade, investment and nearshoring, among other matters. Gutierrez also met with officials to discuss North American integration. There are no major political events scheduled for today, although President Sheinbaum will hold her usual daily press conference at 1300GMT(0800ET).
  • On the data front, vehicle production and exports figures for November will be released at 1200GMT(0700ET). Last month, production rose by 1.1% y/y. Later today, formal job creation data may also cross, but it will be November CPI figures next Monday that garner the most interest for the central bank ahead of its December 19 meeting.
  • Yesterday’s Citi survey of economists revealed that analysts continue to expect a 25bp interest rate cut to 10.00% this month, with the policy rate still seen falling to 8.00% by the end of next year. CPI forecasts for this year declined, while the end-2025 core CPI estimate was unchanged at 3.70%. Analysts also raised their GDP forecasts for this year and next slightly, to 1.60% and 1.20%, respectively.
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  • Trade Minister Luis Rosendo Gutierrez held a series of meetings in Washington yesterday, including with US lawmakers to discuss trade, investment and nearshoring, among other matters. Gutierrez also met with officials to discuss North American integration. There are no major political events scheduled for today, although President Sheinbaum will hold her usual daily press conference at 1300GMT(0800ET).
  • On the data front, vehicle production and exports figures for November will be released at 1200GMT(0700ET). Last month, production rose by 1.1% y/y. Later today, formal job creation data may also cross, but it will be November CPI figures next Monday that garner the most interest for the central bank ahead of its December 19 meeting.
  • Yesterday’s Citi survey of economists revealed that analysts continue to expect a 25bp interest rate cut to 10.00% this month, with the policy rate still seen falling to 8.00% by the end of next year. CPI forecasts for this year declined, while the end-2025 core CPI estimate was unchanged at 3.70%. Analysts also raised their GDP forecasts for this year and next slightly, to 1.60% and 1.20%, respectively.