· Banxico paused rate cuts to assess inflation.
· Trump signed an executive order barring Americans from investing in companies that are property of or are controlled by the Chinese military.
· China recognizes Biden`s victory in the elections.
· High-frequency data shows an important slowdown in economic activity among advanced economies in the first weeks of November: Bloomberg Economics.
· Chamber of Deputies in Mexico approves the 2021 Expenditures Budget.
· Economic indicators: Europe`s growth was slightly revised downwards during the 3Q20 (12.6% vs. 12.7% prev. quarter; -4.4% annual).
Mexico`s central bank decided to pause interest rates cuts yesterday to assess inflation. The Governing Board voted by majority to maintain the target rate at 4.25%, with only one of its members voting in favor of a 25 base point cut. The agency acknowledged that the recent increases in inflation imply an unexpected trend in prices, which is why it has decided to pause carrying out rate cuts to give enough space to confirm that inflation will converge to the bank`s target in the next 12-24 months. Additionally, the bank is concerned about the challenges that have come up because of the pandemic, which include the impacts on economic activity as well as a possible financial shock and its implications on the exchange rate and inflation. Banxico did not close its doors to greater cuts, even though we`ll have to wait until 2021.