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US To Appeal On Alleged Labor Violations At Mine

MEXICO
  • As noted yesterday, the US is asking a panel to review a labor dispute at a mine in Mexico owned by billionaire German Larrea. For reference, the USTR had previously asked Mexico to review whether employees at a Grupo Mexico SAB mine in Zacatecas were being denied the right of free association and collective bargaining. After Mexico had a 45-day review period and found no denial of rights, the US is appealing that a panel reviews the situation.
    • This marks another episode of heightened tensions between the two countries, following the Corn Policy trade dispute headlines last week.
  • In local news, a bus carrying locals and migrants crashed in Mexico, killing 16. Reports suggest these were mostly Venezuelan migrants, who had an appointment with the U.S. Customs and Border Protection.
  • Late Tuesday, Citi published the results of its biweekly analysts’ survey. The survey still predicts the next rate move to be a 25bps cut in Dec 2023. Most notable developments included the upgrades for 2023 and 2024 GDP, raised to 2.90% and 1.6% respectively. Market focus this week is on bi-weekly CPI and Banxico minutes, both scheduled on Thursday.
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