Good spirits in the Mexican markets, waiting for the BdeM

Mexico City. A day of central banks and important economic data begins. The Mexican peso begins the session with an appreciation of 0.51 percent against the US currency, to operate at around 19.5253 units per dollar, trying to leave behind the previous fall to 19.64 per dollar.

Before the opening of American markets, investors learned about the latest revision of the gross domestic product (GDP) in the United States for the second quarter of 2024, in which a growth of 3 percent is recorded, in line with estimates. This is a rebound compared to the first quarter of the year. The dynamism remains, although there are indicators that reflect a slowdown.

Meanwhile, in Mexico the monetary policy decision of the Bank of Mexico will be announced at 1:00 p.m., Mexico City time. Opinions are divided, as there are analysts who expect a cut of 0.50 percentage points in the interest rate, although the majority expect a reduction of 0.25 percentage points, so after noon the mystery will be cleared up, if it surprises just as it did. the Federal Reserve last week, when it lowered its reference rate by half a percentage point.

For its part, after the general rebound the previous session, the dollar, according to its index, which measures its behavior against a basket of six international currencies, depreciated 0.12 percent, to 100,502 points. Meanwhile, China also continues to announce support to shore up its economy.

However, in today’s session the markets will be attentive to the speeches of Christine Lagarde, the president of the European Central Bank (ECB), and Luis de Guindos, the vice president, as well as the senior staff of the Federal Reserve (Fed ), as its president, Jerome Powell, and other members of the organization speak.

While waiting for news from the central banks, the US stock indices start positive, with the Nasdaq on top, with a gain of 1.05 percent; while the S&P 500 advances 0.67 percent and the Dow Jones gains 0.50 percent, once again hovering around maximum levels.

The above, after initial applications for unemployment benefits in the United States fell again last week, this time by 4 thousand, to stand at 218 thousand; While durable goods orders did not rise in August, those of the control group did by 0.5 percent monthly, against the expected 0.1 percent.

For its part, the Mexican Stock Exchange (BMV) is trading with a gain of 1.25 percent, at 53,973 points, seeking 54,000 points.

Declines return to the oil market on the prospect of Saudi Arabia abandoning its unofficial price target of $100 and preparing to increase production. The barrel of Brent drops to $70.53, with a drop of 3.40 percent; compared to the $67.07 price of West Texas crude oil, the benchmark in the United States, with a decrease of 3.67 percent.

Meanwhile in Asia, the Japanese Nikkei rose 2.79 percent, as did the Hang Seng and Shanghai Composite Index, which rose 4.16 and 3.61 percent, respectively. Chinese President Xi Jinping and the politburo called for fiscally stimulating the economy to achieve growth targets, for which he plans to inject one trillion yuan into its state banks to increase support.