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OPEC+ reaches agreement Over the weekend, the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed to extend the 9.6 million daily barrels cut in production until the end of July. Nigeria and Iraq, countries that did not meet their production cut targets, must now contribute greater cuts in the following months while Mexico

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Positive surprise regarding US employment data According to figures published by the Labor Department, 2.5M jobs were created in May – figure dramatically opposite to the 8M estimated contraction. Data suggest greater resilience in the US labor market than first anticipated, particularly because of workers returning during the initial stage of the economy`s reopening. With

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The European Central Bank announced it will increase its bond purchasing program in 600 billion euros and extending it to June 2021 The increase was greater than what was initially expected by markets (500 billion). The program seeks to facilitate funding to respond economically to the virus`s effects and keep interest rates low in midst

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Slow recovery in Europe IHS/Markit PMIs showed that the European economy continued to contract in May, even though the worst appears to have happened in April. The composite indicator reached 31.9 from 13.6 recorded in April, but is still contracting considerably. The recovery seen in the service sector has been greater than first estimated, but

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OPEC+ could extend production cuts Oil prices have continued to recover and this morning, they showed upwards momentum due to expectations of production cuts to extend for another month – on behalf of the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Russia and Saudi Arabia seem to be close to reaching a

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China stops imports of some US goods According to recent reports, the Chinese government has requested state-owned agricultural enterprises (Cofco, Sinograin) to stop purchasing American goods in midst of the deterioration of the relationship between both powers because of Hong Kong. Some soy and pork meat purchase orders were suspended, while private companies continue to

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Trump signs executive order targeting Twitter; announces conference on China Yesterday, United States President Donald Trump signed an executive order that allows suing social media companies over the editing or censorship of posts made by their users, after Twitter tagged a message written by the president as violating the rules to avoid the “glorification of

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China approves Hong Kong law; tensions escalate The Chinese Parliament has passed a new national security law for Hong Kong amidst strong criticism and threats on behalf of the US. This is the first time that China has an impact on the autonomous city`s legal code without taking into consideration Hong Kong`s legislative body. This

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US assesses penalties for Chinese officials After advancements in legislation regarding stricter security in Hong Kong imposed from Pekin, the US is assessing penalties for members of the Chinese government. The Treasury Department could freeze assets belonging to officials or Chinese institutions linked to the implementation of laws or restrict their transactions. Applying visa restrictions

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Mexico`s growth is revised slightly upwards Final figures for Mexico`s 1Q20 Gross Domestic Product were revised slightly upwards, even though they confirmed the fourth quarterly contraction in the economy. GDP fell 1.4% quarter over quarter (vs -1.6% prev.) and (-) 2.2% annual. The greatest contraction was recorded in secondary activities (-2.9% quarterly, -3.5% annual), particularly

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