The Day at a Glance | February 10 2023

*The Monthly Indicator of Industrial Activity (IMAI) increased 0.7% in December. At an annual rate, industrial production hiked 3.1%.

*Consumer inflation in China set at 2.1% in January. Producer prices decreased 0.8%, stretching out the previous month`s 0.7% decrease.

*Banxico surprised investors by carrying out a 50bp increase and setting the rate at 11.00%; its press release had a hawkish tone.

*The Bank of Japan could choose Kazuo Ueda as its new Governor. The decision could align Japan`s monetary policy with other greater economies that are carrying out an increasing rates cycle. 

*The UK`s economy logged stagnant growth during the 4Q22 (0.0%). It avoided entering a recession.

Economic environment

Industrial production in Mexico increases at the end of 2022. This morning, the INEGI published the Monthly Industrial Activity Indicator (IMAI for its initials in Spanish), which logged a monthly 0.7% increase. This increase was largely due to a 2.7% increase in construction compared to the previous month. Meanwhile, both mining and public services increased 1%, while manufacturing industries increased 0.5%. On an annual basis, industrial production grew by 3.1% in real terms in December, showing a slight slowdown compared to the previous month (3.2% prev.). By sector, construction rose by 5.5%, manufacturing industries by 3.4%, services by 1.9% and mining by 0.8%.