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Mexico's government will increase the minimum wage by 12% starting next year to support the poorest workers. The new leftist president assures that this hike will not lead to inflation but will instead foster a "humanist" economy.
UBS Global Wealth Management's Mark Haefele noted that President-elect Trump's proposed tariffs on Mexico, Canada, and China have led to currency declines and market volatility. While the tariffs aim to leverage negotiations on migration and drug trafficking, Haefele maintains a positive outlook on US equities, citing strong growth prospects despite potential trade risks. He recommends a defensive stance on China stocks and suggests diversifying portfolios with gold and alternative assets.
America Movil SAB plans to issue more peso-denominated debt, focusing on the Mexican market to better align its financing with revenue sources. The telecommunications company, which offers broadband and wireless services across Latin America, previously relied on US and European debt markets due to a limited domestic capital pool, according to CFO Carlos Garcia Moreno.
UBS Global Wealth Management's Mark Haefele discusses the potential impact of President-elect Trump's proposed tariffs on Mexico, Canada, and China, which could lead to market volatility. The Canadian dollar and Mexican peso have weakened, while the Chinese renminbi fell to 7.26 against the US dollar. Haefele notes that the tariffs, aimed at addressing illegal migration and drug trafficking, may initiate negotiations despite the USMCA not being up for review until 2026. He maintains a positive outlook on US equities, particularly in technology, utilities, and financial sectors, while advising caution in China stocks and suggesting portfolio diversification.
U.S. President-elect Donald Trump and Canadian Prime Minister Justin Trudeau held a "very productive" meeting to discuss border, trade, and energy issues amid concerns over a potential trade war. This meeting followed Trump's pledge to impose 25% tariffs on imports from Canada and Mexico, which has raised alarms about retaliatory measures from both countries.
Canadian Prime Minister Justin Trudeau met with President-elect Donald Trump at Mar-a-Lago for a three-hour dinner following Trump's tariff threats against Canadian products. The discussion covered various topics, including trade, border security, and international relations, with Trudeau being the first G7 leader to visit Trump post-election.
Mexico is launching a nationwide operation to combat the influx of illegal merchandise, primarily from China. The Economy Ministry will conduct searches across all 32 states, following a recent raid in Mexico City that resulted in the seizure of over 260,000 items valued at approximately 7.5 million pesos ($370,000).
Donald Trump's proposed 25% tariffs on imports from Mexico and Canada threaten major U.S. automakers, with GM, Ford, and Stellantis facing significant profit losses due to their reliance on cross-border supply chains. Analysts warn that tariffs on individual car parts could be even more damaging, potentially raising costs for consumers. Carmakers may need to increase U.S. production or cut costs to mitigate the impact, but the shift could be challenging, especially for European manufacturers with limited spare capacity.
European stocks rebounded, led by technology shares, as concerns eased over US semiconductor sales restrictions to China. However, political turmoil in France caused its stocks and bonds to underperform, with yields on French bonds nearing those of Greece for the first time. Meanwhile, the Brazilian real hit a record low amid disappointing government spending cuts, and US equity futures rose slightly ahead of the Thanksgiving holiday.
Mexican President Claudia Sheinbaum warned that proposed U.S. tariffs could lead to significant job losses in the U.S. and retaliatory measures from Mexico. Economy Minister Marcelo Ebrard emphasized the need for regional cooperation, stating that tariffs would harm both economies, particularly the automotive sector, which heavily relies on cross-border trade. Analysts view the tariff threats as a negotiating tactic rather than a firm trade policy.
Mexican Peso
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Mexico to Increase Minimum Wage by 12 Percent to Support Low-Income Workers
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17:11 28.11.2024
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