Net profit for the company hit $697.6 million over the three-month period, beating forecasts from analysts polled by LSEG. Revenue was $3.65 billion; a 17% rise from the previous year. Earnings before interest, tax, depreciation, and amortization rose by 25% to $1.78 billion.

Despite government clashes, Grupo Mexico’s transport unit saw a 17.5% increase in sales compared to the previous year. This company’s strong results also come as a surprise due to one of its subsidiaries suspending several freight trains during September amid a migrant crisis.

The post Mining Conglomerate Grupo Mexico Posts Q3 Profit appeared first on theprimarymarket.com.

Brazil’s economy grew by 3.3% in February, thereby outpacing the 1.05% rise expected by analysts approached in a Bloomberg survey. Mexico’s economy rose by 1.1% in the first quarter of 2023, higher than the median forecast of 0.8% reported in the survey. Mexico’s economy surged 3.9% higher on an annual basis.

What made these results surprising in the eyes of investors was the fact that both Brazil and Mexico have been maintaining strict monetary policies as of late as they continue to fight lingering inflation. Mexico has also reportedly been benefitting from sustained U.S. demand.

“Major developed markets have been surprisingly resilient so far this year, which may be helping to support exports,” William Jackson, chief emerging markets economist at Capital Economics observed. “Wage growth in Mexico and Brazil has been pretty strong. And in Brazil’s case, the agricultural sector seems to be rebounding.”

The post Brazil and Mexico Post Higher-Than-Expected Growth appeared first on theprimarymarket.com.

“The increase that we could make in the next decision, we consider that it could be of a lesser magnitude,” Rodriguez stated. “We’ll take into account the decision of the Fed and many other factors, to the extent that they affect the inflation panorama.”

Since June 2021, Banxico has added 700 basis points through its interest rate hikes, thereby diverting from the trend of other Latin American central banks to remain fairly stagnant in terms of borrowing costs.

Mexico’s annual inflation in February slowed to 7.62%, lower than expected and the lowest point in almost a year. This is a significant decline from the peak of 8.7% that was reached in September last year.

The post Mexican Central Bank Continues To Consider Interest Rate Hikes appeared first on theprimarymarket.com.

“I believe that going forward we could consider slowing the pace of rate adjustments, as it is already very close to the appropriate level to consolidate a de-inflationary process,” Meija announced during an interview. This comes after Mexican President Andrés Manuel López Obrador stated the importance of achieving a balance between suppressing inflation and allowing economic growth.

Meija admitted that the battle against inflation has taken longer than expected, however, he remains confident that the Bank of Mexico will meet its target by the fourth quarter of 2024. He labeled the core component of inflation as the country’s main challenge at present.

Annual headline inflation in the first half of February stood at 7.76%, while core inflation, which excludes more volatile prices such as food and energy, hit 8.38%.

The post Bank of Mexico’s Rates Could Slow Down, Deputy Governor Claims appeared first on theprimarymarket.com.

Official data released on Friday showed that Mexico’s economy grew by 3.1% in 2022. This is despite a fourth-quarter slowdown to 0.5% growth after a third-quarter growth of 0.9%.

Mariscal, who helps develop the economic forecasts used by the government to draft its budget document, stated that the forecast is expected to remain mostly the same in the 2024 budget that is now being prepared.

The country’s economic growth is largely tied to that of the United States, which is by far its largest trade partner. This means that both nations’ elections in 2024 will have an impact on Mexican economic activity.

Preliminary data showed that foreign direct investment in Mexico rose 12% last year to reach $35.3 billion.

The post Mexican Economic Forecast for 2023 Better Than Expected, Official States appeared first on theprimarymarket.com.

According to a preliminary estimate released by the national statistics agency on Monday, the nation’s rising economic growth can be mainly attributed to economic activity in the primary sector.

Currently the second largest economy in Latin America, the Mexican economy achieved annual growth of approximately 4.2% upon comparing this third quarter’s results to those realized a year earlier. This growth exceeded analysts’ forecasts of a 2.8% year-on-year growth.

The finance ministry of Mexico announced on Friday that the aforementioned quarterly results indicate that the country may achieve 2.4% economic growth for 2022, in line with economists’ forecasts.

Following a mission to Mexico, the International Monetary Fund announced that although Mexico has the fiscal and monetary policy required to navigate the ongoing global economic turmoil, the country’s economic growth is still expected to slow in the coming months.

The post Mexican Economy Experiences Marginal Third Quarter Growth appeared first on theprimarymarket.com.

Net profit for the company hit $697.6 million over the three-month period, beating forecasts from analysts polled by LSEG. Revenue was $3.65 billion; a 17% rise from the previous year. Earnings before interest, tax, depreciation, and amortization rose by 25% to $1.78 billion.

Despite government clashes, Grupo Mexico’s transport unit saw a 17.5% increase in sales compared to the previous year. This company’s strong results also come as a surprise due to one of its subsidiaries suspending several freight trains during September amid a migrant crisis.

The post Mining Conglomerate Grupo Mexico Posts Q3 Profit appeared first on theprimarymarket.com.

Brazil’s economy grew by 3.3% in February, thereby outpacing the 1.05% rise expected by analysts approached in a Bloomberg survey. Mexico’s economy rose by 1.1% in the first quarter of 2023, higher than the median forecast of 0.8% reported in the survey. Mexico’s economy surged 3.9% higher on an annual basis.

What made these results surprising in the eyes of investors was the fact that both Brazil and Mexico have been maintaining strict monetary policies as of late as they continue to fight lingering inflation. Mexico has also reportedly been benefitting from sustained U.S. demand.

“Major developed markets have been surprisingly resilient so far this year, which may be helping to support exports,” William Jackson, chief emerging markets economist at Capital Economics observed. “Wage growth in Mexico and Brazil has been pretty strong. And in Brazil’s case, the agricultural sector seems to be rebounding.”

The post Brazil and Mexico Post Higher-Than-Expected Growth appeared first on theprimarymarket.com.

“The increase that we could make in the next decision, we consider that it could be of a lesser magnitude,” Rodriguez stated. “We’ll take into account the decision of the Fed and many other factors, to the extent that they affect the inflation panorama.”

Since June 2021, Banxico has added 700 basis points through its interest rate hikes, thereby diverting from the trend of other Latin American central banks to remain fairly stagnant in terms of borrowing costs.

Mexico’s annual inflation in February slowed to 7.62%, lower than expected and the lowest point in almost a year. This is a significant decline from the peak of 8.7% that was reached in September last year.

The post Mexican Central Bank Continues To Consider Interest Rate Hikes appeared first on theprimarymarket.com.

“I believe that going forward we could consider slowing the pace of rate adjustments, as it is already very close to the appropriate level to consolidate a de-inflationary process,” Meija announced during an interview. This comes after Mexican President Andrés Manuel López Obrador stated the importance of achieving a balance between suppressing inflation and allowing economic growth.

Meija admitted that the battle against inflation has taken longer than expected, however, he remains confident that the Bank of Mexico will meet its target by the fourth quarter of 2024. He labeled the core component of inflation as the country’s main challenge at present.

Annual headline inflation in the first half of February stood at 7.76%, while core inflation, which excludes more volatile prices such as food and energy, hit 8.38%.

The post Bank of Mexico’s Rates Could Slow Down, Deputy Governor Claims appeared first on theprimarymarket.com.

Official data released on Friday showed that Mexico’s economy grew by 3.1% in 2022. This is despite a fourth-quarter slowdown to 0.5% growth after a third-quarter growth of 0.9%.

Mariscal, who helps develop the economic forecasts used by the government to draft its budget document, stated that the forecast is expected to remain mostly the same in the 2024 budget that is now being prepared.

The country’s economic growth is largely tied to that of the United States, which is by far its largest trade partner. This means that both nations’ elections in 2024 will have an impact on Mexican economic activity.

Preliminary data showed that foreign direct investment in Mexico rose 12% last year to reach $35.3 billion.

The post Mexican Economic Forecast for 2023 Better Than Expected, Official States appeared first on theprimarymarket.com.

According to a preliminary estimate released by the national statistics agency on Monday, the nation’s rising economic growth can be mainly attributed to economic activity in the primary sector.

Currently the second largest economy in Latin America, the Mexican economy achieved annual growth of approximately 4.2% upon comparing this third quarter’s results to those realized a year earlier. This growth exceeded analysts’ forecasts of a 2.8% year-on-year growth.

The finance ministry of Mexico announced on Friday that the aforementioned quarterly results indicate that the country may achieve 2.4% economic growth for 2022, in line with economists’ forecasts.

Following a mission to Mexico, the International Monetary Fund announced that although Mexico has the fiscal and monetary policy required to navigate the ongoing global economic turmoil, the country’s economic growth is still expected to slow in the coming months.

The post Mexican Economy Experiences Marginal Third Quarter Growth appeared first on theprimarymarket.com.