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No agreement reached in Europe regarding fiscal package The Finance Ministers of European Union country members met yesterday in an unsuccessful attempt to define a coordinated fiscal stimulus package in order to back the economy in light of COVID-19. The main point of cause of disagreement concerns the proposed bond issuance backed by the block`s

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Inflation decelerates more than expected due to energy prices According to figures published by the INEGI this morning, general inflation in March decelerated to 3.25% annually, after a (-) 0.05% setback during the month. The underlying index continued its moderate downwards tendency and set at 3.6% annual (0.29% monthly), with moderate increases in prices of

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Stimulus proposal in Mexico Yesterday, Mexico`s President Andrés Manuel López Obrador presented a series of measures to back the economy during the health contingency due to COVID-19, even though it was perceived as insufficient. The President announced there would be an increase in public investment to create up to 2 million jobs in the next

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Largest contraction in employment in the US since march 2009 Figures published by the US Bureau of Labor Statistics confirmed that 701 thousand jobs were lost in the US economy during the month of March, number way above the analyst consensus estimate (-100 thousand e.). This took the unemployment rate to 4.4%, a level not

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Initial jobless claims in the US continue to increase A new record of initial jobless claims in the United States was reached last week, after recording 6.5 million new claims for government support because of unemployment in the week of March 23-28. Figures exceeded expectations once more and adds to concerns of larger impacts of

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Manufacturing affected at a global level due to coronavirus Final economic activity figures at a global level in manufacturing confirmed that March was one of the worst months in many years for the sector, this after the closing of factories and damage seen occur in supply chains. In Europe, manufacturing activities deepened their contraction in

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Economic activity rebounds in China After the worst contraction in economic activity in February, China`s manufacturing sector (52 vs 35.7 prev.) along with its services sector (52.3 vs 29.6 prev.) recorded expansion in the month of March, exceeding analysts` expectations. The rebound in PMI`s is mainly attributed to the reactivation of economic activity in China,

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US economy will remain at a standstill President of the United States Donald Trump extended mitigation measures until April 30th, after being advised to do so by his council of experts. According to the president, resuming economic activities would risk increasing the number of deaths. It`s expected the US will record a decrease in new

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G-20 commits to a $5 trillion dollar stimulus Leaders of the 20 largest economies in the world had a videoconference meeting yesterday and talked about strategies that could mitigate the virus`s negative effects on health and the economy. The group of countries represents 80% of the global economy and they committed to injecting more than

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Historic increase in US jobless claims Unemployment claims on behalf of US citizens in order to receive benefits increased to 3.28 million, the highest level seen in the country`s history (vs 695 thousand in 1982), which is a sign that a recession in the world`s biggest economy has already begun. This reflects the shock`s severity

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