The Day at a Glance | November 6 2023

The Top

*Consumer confidence in Mexico dropped to a four-month low in October.

*The Eurozone’s composite PMI for October was confirmed at 46.5 points, its lowest level since November 2020.

*Over the weekend, US Secretary of State Antony Blinken met with Palestinian Authority President Mahmoud Abbas amidst growing tension in the West Bank and a humanitarian catastrophe in the Gaza Strip as a result of the Israeli offensive. Additionally, Blinken made a “surprise” visit to Iraq due to the intensification of attacks on American troops in the region by Iran-backed groups.

*Former US President Donald Trump will be called to testify today in the civil fraud trial against him. Despite multiple cases against him, recent polls show that Trump outperforms current President Joe Biden in several “swing” states for the 2024 presidential election.

Economic environment

October´s Consumer Confidence Indicator, conducted by INEGI, set at 46.0 points (-0.7 m/m). This is the first monthly negative change since April. Furthermore, this is the lowest figure since June, after reaching 4 ½ year highs in the two previous months; although in annual terms, it remained 4.6 points above the figure logged in the same period of the previous year. Monthly declines were recorded in all its components, with the largest of these being logged in the expected situation for the national economy in twelve months compared to the current one, which set at 48.7 points (-1.4 m/m); while the one that recorded the smallest monthly decrease was the perception of the current economic situation of the household compared to a year ago, which set at 51.1 points (-0.1 m/m). In addition, similar to the general index data, all components recorded improvements compared to the data observed in October 2022, led by the expectation of the household’s economic situation in 12 months compared to the current one with 56.9 points (+2.3 y/y); while the category with the greatest year-on-year improvement was the sub-index of the country’s economic situation compared to a year ago, with a variation of +6.9 points and reached 43.8 points. Lastly, the category of the current possibility of buying durable goods compared to a year ago logged variations of +5.5 y/y and -0.8 m/m.