Relevant News
- Mexican bottler and brewer FEMSA started negotiations with SAB Miller and Heineken to pursue a merger.
- Maquila industry recovers 9,000 jobs during August, a first turn-around sign. Until July, 2009 approximately 125,000 jobs in the maquila sector were lost.
- Mexican employment starts its recovery driven by the growth expectations for the U.S.
- Automobile productions in Mexico increases; the highest production figure for the year was reported in September were 146,295 units were produced; however this number is still 22.7% less compared to the same period last year.
- The Energy Ministry just launched the methodology to value the usage of fossil fuels, as a way to show that these fuels are the most expensive alternative and to promote the usage of clean energies.
- Mexican conglomerate Alfa reported its highest EBITDA for a single quarter ever, reaching USD 296 Mio.
- The largest OEM’s in Mexico stated that car sales, both Mexico and U.S. have reached stability, and they do not foresee any new falls; therefore the companies are increasing their production levels gradually.
- Given the recent discovery of a lithium mine, Mexico is likely to become the world leader in the production of such metal.
- America Movil reported a 51% increase in its sales for the 3Q09 vs. same period last year.
Economic Highlights:
- The Mexican Central Bank (Banxico) maintained its benchmark rate at 4.5%.
- As of October, 23rd the exchange rate was 12.97 Pesos per USD. The MXN appreciated 0.55% since the end of September.
- Inflation during the first half of October decreased slightly to 4.65% yoy.
- Mexican oil prices closed October in USD 73.21 per barrel; a 12.78% increase over September.
- International reserves reached USD 80.0 Bn. in October, an increase of USD 3.5 Bn. compared with last month.
- The Country Risk for Mexico at the end of September was 193 bps, a 19 bps improvement vs. last month’s closing.
- The unemployment rate as of October was 6.41%, representing a 2.16% increase over the same period last year.
- The Mexican Stock Market closed June at 28,646 units; a 0.39% decrease vs. September’s closing. During the first 9 months of the year the Mexican Stock Market has accumulated a gain of 28% in MXN and 34.66% in USD.
