The Day at a Glance | November 10 2023
*Industrial production in Mexico logged mixed results in September.
*The Ministry of Economy released Foreign Direct Investment figures for the third quarter of the year, which amounted to $32.926 billion dollars, a 30% increase compared to the $25.272 billion recorded during the same period in 2022.
*The 30-year mortgage rate in the United States decreased for a second consecutive week. This time, the drop set at 26 basis points, bringing it to 7.50% as of November 8th, which is 29 basis points lower than the 23-year maximum reached at the end of October.
*Israel agreed to implement daily pauses in its operations in northern Gaza to allow the population to travel in search of assistance through an evacuation corridor. However, Israeli forces have intensified their activities in the same region.
*Meanwhile, Palestinian authorities reported that an Israeli airstrike hit the largest hospital in Gaza on November 10, resulting in one fatality and several injuries.
Economic environment
Industrial production in Mexico moderated its pace of growth in September and logged a 3.9% y/y figure. This latest figure compares unfavorably to the 4.7% year-on-year recorded in August and the 4.4% year-on-year forecasted by market analysts. However, seasonally adjusted figures show there was marginal acceleration to 4.51% y/y from September’s 4.38% figure – despite the loss of momentum in its monthly figure, logging a 0.15% figure compared to the previous 0.32% m/m. Three out of the four components recorded setbacks, with construction experiencing the most significant decline at -4.13% m/m, partially offset by a 1.66% m/m rebound in manufacturing. Despite this, annual readings continue to show moderate to solid performances; notably, a 19.33% y/y expansion in construction and a 7.22% y/y increase in utilities. Overall, Mexico´s industrial sector concluded the 3Q23 with solid figures, although monthly changes indicate some signs of fatigue.
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