The Day at a Glance | December 16 2022

*The Eurozone`s PMI`s improved, but remain in contractionary territory.

*December`s PMI`s will be made public in the US this morning.

*Inflation in the Eurozone slowed down less than expected and set at 10.1% in November.

*The Central Bank of Mexico will make its survey of inflation expectations known. Additionally, it will give a presentation on regional economies during the 3Q22 in the afternoon.

*The Secretariat of Finance and Public Credit (SHCP for its initials in Spanish) announced the auction of government securities program for the 1Q23. Auctioned amounts increased among Bonos M and Udibonos. 

*The US Senate approved a one-week funding bill, averting a partial shutdown on Saturday.

*Moscow intensifies aerial attacks on Ukraine and discards a ceasefire during Christmas.

Economic environment

PMI. In December, the Eurozone`s Purchasing Manager`s Index (PMI) increased from 47.1 points to 47.8, beating market expectations of a 47.1 figure. However, it remained in contractionary territory for a sixth consecutive month. The slowdown continued among chemical, plastic and basic product businesses. Additionally, new orders decreased for an eighth consecutive month. However, sentiment among those surveyed improved in December. For its part, the Composite and the Services PMI increased to 48.8 and 49.1 points, respectively (from the previous 47.8 and 48.5 points). All in all, the figures point out that the contraction in Europe`s activity has tempered towards the end of the year.