The Day at a Glance | May 17 2023

*President Biden will continue negotiations regarding the debt ceiling upon hist return from the G7 summit. 

*The INEGI`s Timely Private Consumption Indicator expects a 2.1% increase in March`s figure, and a 2.2% hike in April. 

*In the US, 1.401 million houses were started to be built in April (+2.19% m/m), while the number of construction permits issued in the month declined to 1.416 million (-1.46% m/m). 

*The number of mortgage applications in the US decreased by 5.7% during the week ending May 12th. 

*Accumulated foreign direct investment in China (measured in Yuan) for the first four months of 2023 increased by 2.2% compared to the same period of last year. 

*Inflation in the Eurozone set at 7.0% in April y/y; the underlying component set at 5.6%. 

*Amid a Russian airstrike on Ukraine, Ukrainian First Lady Olena Zelenska requested support from the South Korean President in providing air defense systems during a visit to Seoul on Tuesday. 

Economic environment

US President Joe Bident will cut his trip short to resume negotiations on the debt ceiling. On Tuesday, the White House announced that President Biden postponed his visit to Australia and New Guinea, which were scheduled to take place after the G7 meeting, in order to return to Washington and resume negotiations on the debt ceiling. Regarding yesterday`s meeting with House Speaker Kevin McCarthy, Biden described it as productive. Furthermore, multiple news sources in the US have reported that Biden has accepted some of McCarthy`s key demands.