The Top • Retail sales closed 2024 with stagnation. • On Wednesday, US President Donald Trump announced that he will introduce new tariffs next month or sooner, adding lumber and forestry products to his previously announced plan to impose duties on automobile, semiconductor, and pharmaceutical imports. • The US has stated the possibility of establishing a new trade agreement with China despite ongoing

El Top ● Las ventas al menudeo cerraron con estancamiento el 2024.  ● El presidente de EE.UU., Donald Trump, anunció el miércoles que presentará nuevos aranceles en el próximo mes o antes, sumando madera y productos forestales a su plan previamente anunciado de imponer gravámenes a las importaciones de automóviles, semiconductores y productos farmacéuticos. ● EE.UU. ha declarado

The Top • The Central Bank of Mexico´s quarterly inflation report for the October-December 2024 period will be released later today. • President Donald Trump announced that on April 2nd, he will impose tariffs of nearly 25% on automobiles, followed by similar measures for semiconductors and pharmaceuticals. • Federal Reserve officials remain uncertain about the impact of tariffs on

El Top ● Más tarde se dará a conocer el Informe trimestral de inflación de Banco de México para el periodo octubre-diciembre del 2024.  ● El presidente Donald Trump dijo que el próximo 2 de abril impondrá aranceles cercanos a 25% para los autos y después dará a conocer medidas similares para los semiconductores y productos farmacéuticos. 

The Top • The Timely Indicator of Economic Activity (IOAE) estimates a slight improvement in the Mexican economy at the start of 2025. • The US and Russia have begun negotiations to end the war in Ukraine without the participation of Kyiv or the European block.  • Federal Reserve Governor Christopher Waller stated that his “baseline” view is

El Top ● El Indicador Oportuno de Actividad Económica (IOAE) estima una ligera mejoría en la economía mexicana al inicio del 2025. ● Estados Unidos y Rusia inician negociaciones para poner fin a la guerra en Ucrania sin la participación de Kiev ni la Unión Europea. ● El gobernador de la Reserva Federal, Christopher Waller, afirmó que su

The Top • Russia announced it will meet with senior US officials on Tuesday to discuss ending the war in Ukraine. • Germany’s economy contracted for the second consecutive year in 2024, marking its worst performance in two decades. With just days before Sunday’s general elections, the country is engaged in a heated debate over how to

El Top ● Rusia anunció que se reunirá el martes con altos funcionarios de EE.UU. para tratar el fin de la guerra en Ucrania. ● La economía de Alemania se contrajo por segundo año consecutivo en 2024, registrando su peor desempeño en dos décadas. A pocos días de las elecciones generales del domingo, el país vive un

Economic Environment In the US, retail sales unexpectedly fell in the first month of 2025. In January, retail sales declined by -0.9% m/m, far below expectations of a -0.1% m/m drop and sharply down from the 0.7% m/m increase in the previous month. Excluding volatile categories such as autos and gasoline, retail sales fell by