The Day at a Glance | October 16 2023

*The Eurozone´s trade balance maintained a surplus in August. 

*In the US, the New York Federal Reserve´s manufacturing index, better known as the Empire State Index, decreased to -4.6 points in October from a previously logged 1.9 figure, although it declined less than the expected -7.0 points.

*The Republican representative from Ohio, Jim Jordan, is expected to call for a vote in the plenary tomorrow to try to become the new Speaker of the House, despite not having the necessary support. 

*According to Bloomberg, the President of the United States is considering traveling to Israel after being invited by said country´s Prime Minister, Benjamin Netanyahu. The White House spokesperson stated that no trips are planned. 

*Banxico is calling for an extraordinary auction of Bondes F for monetary regulation purposes. The operation will take place on October 18th and will consider four nodes with maturities ranging from 371 to 1,701 days, with an amount of up to 20,000 million Mexican pesos.

Economic environment

In August, the Eurozone´s trade balance logged a trade surplus worth 6.7 billion euros (€6.7 billion). This reading compared to the €54.4 billion deficit recorded in the same month of 2022, primarily explained by the increase in energy costs a year ago. Imports decreased by -24.6% y/y to €214.9 billion, while exports declined by -3.9% to €221.6 billion. With this, in the first eight months of 2023, the trade balance remained in positive territory, with a surplus worth €8.1 billion – in contrast with the €242.9 billion deficit logged in the same period the previous year.