The Day at a Glance | June 20 2023

*Retail sales surprised positively in April (3.8% annual growth; 1.5% monthly). 

*The trial against former US President Donald Trump will start in Florida on August 14th. Meanwhile, Hunter Biden pleaded guilty to three federal charges. 

*Housing construction in the US has reached its highest level in over a year, while building permits have also increased, suggesting that the real estate market may be improving. 

*Indian Prime Minister Narendra Modi will meet with Joe Biden on Tuesday to strengthen relations between the two countries. 

*China has cut its loan rates for the first time in 10 months, aiming to stimulate its economy´s recovery. 

Economic environment

Retail sales in Mexico recorded a 3.8% annual rate of growth in April. The month´s figure surprised positively as it exceeded a forecasted 2.5%. Groceries (4.5% y/y) returned to positive territory, while household goods (-4.8% y/y), hardware items (-6.7%) and motor vehicle (-4.3%) sales logged declines. Other sectors continued growing at a faster pace – some of them with double-digit growth, like textile product sales (15.9% y/y). On a monthly basis, retail sales in Mexico increased by 1.5% (0.2% e.). Overall, there is a trend of an economic slowdown in Mexico; however, retail sales recorded considerable resilience at the beginning of the second quarter of the year despite the cumulative effect triggered by inflation and high borrowing costs.

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