The Day at a Glance | June 9 2023

*Industrial production in Mexico surprised to the downside in April. 

*Consumer inflation in China marginally accelerated to 0.2% y/y in May from the previous 0.1%. Meanwhile, producer inflation fell more than expected (-4.3% y/y), recording a -4.6% y/y figure, compared to the -3.6% in April. 

*The Managing Director of the International Monetary Fund, Kristalina Georgieva, stated that the institution doesn’t see a significant slowdown in lending and urged the US Federal Reserve, as well as other central banks, to “stay the course” regarding their monetary policy and remain vigilant in the fight against inflation. 

Economic environment

Industrial production recorded a 0.7% y/y figure in April. This reading compares unfavorable against the analysts´ expected 1.3% and the previous 1.6% figure. On a monthly basis, it advanced 0.4%, driven by significant declines in construction (-2.0% m/m) and electricity generation and transmission (-1.98% m/m). In contrast, manufacturing logged a strong rebound (2.0% m/m) after having recorded a -0.77% monthly setback in March, with 14 out of the 21 industries comprising it showing positive monthly variations. On the other hand, mining logged a 0.3% monthly figure. With this, among year on year readings, the noteworthy changes were the -1.97% decline in construction and the marginal acceleration in manufacturing (to 1.42%).