354 New Deaths Raise Total to 14,053

The Ministry of Health reported 354 new deaths from COVID-19, bringing the total to 14,053, while another further 2,999 positive cases were also reported, raising the national total to 120,102. There are 18,416 active cases, or with symptoms in the last 14 days.

Director of Epidemiology José Luis Alomía said Mexico City tops the national ranking with 31,493 confirmed cases, followed by State of Mexico with 18,993 case and Baja California in third place reporting 6,138 cases. The same order is kept in the death-toll raking.

Hypertension, diabetes, obesity, smoking and chronic kidney failure continue to be the first five conditions associated with deaths from the virus, Alomía said.

As of Monday, June 8

2,999     new cases (from yesterday)

120,102 confirmed cases nationwide

46,398   under investigation

14,053   deaths

Impact on markets (19.30 hrs)

US Dollar              MX$21.60            (-0.06%)

BMV IPC               39,954.01             (2.58%)

Dow Jones          27,572.44             (1.70%)

7.5 percent contraction forecasted

The Mexican economy will contract 7.5 percent in 2020, the World Bank (WB) estimated after forecasting a 1.2 percent growth last January. A 20 percent rebound is expected for 2021, according to the agency's semi-annual Global Economic Outlook report. The world economy will shrink in 2020 by 5.2 percent, the biggest slump since the end of World War II in 1945. All regions of the world will fall into abrupt recessions, except from Asia, expected to grow 0.5 percent after a stronger second half for China.

Mexican share in US auto market at 1.2 percent

Mexico is the US car supplier most affected by the COVID-19 pandemic, AMIA has reported. The share of Mexican cars in the US collapsed to 1.2 percent during May, after recording over 16 percent monthly average, the office head Fausto Cuevas noted. By the end of May the automotive industry in Mexico was allowed to gradually reactivate its operations when other nations kept their regular industrial activities.

Agreement Mexico City-Banks

Mexico Banks Association (ABM) and Mexico City have signed an agreement that seeks to avoid crowds at bank branches, as well as ATMs. Mexico City Head of Government Claudia Sheinbaum and ABM head Luis Niño de Rivera said in a joint video conference that starting next Wednesday branches operating in Mexico City will open at 10 a.m., to prevent crowds at rush hours. Most bank staff continue to work remotely until the city authority allows it.

Stock markets rebound

Stock markets started the week well after BMV’s IPC rose 2.58 percent since Friday where it closed  at 39,954.01 units. In the US, S&P500 erased all 2020 loses after gaining 1.20 percent compared to yesterday’s trading, while Dow Jones and Nasdaq rising 1.70 percent and 1.13 percent respectively.

Mexican crude at US$33.88

The Mexican crude basket closed at U$33.88 per barrel, a 2.55 percent contraction compared to Friday’s price, according to PEMEX. Among global benchmarks, WTI closed the day trading at US$38.1 per barrel, which is equivalent to a contraction in its price of 3.67 percent, while Brent plumed 3.71 percent at US$40.73.

WHO warns of high infection rates

The World Health Organization (WHO) head Tedros Adhanom Ghebreyesus said that although the COVID-19 situation is improving in Europe it is worsening globally. More than 100,000 cases have been reported to the organization during in nine of the last 10 days, and just yesterday more than 136,000 new cases were confirmed, the highest increase for a single day. The officer warned about the high risk of getting infected during demonstrations.

More IMSS officials are infected

Three IMSS officials tested positive for COVID-19 after the institution’s head Zoé Robledo confirmed he is also infected of the virus, the institute has reported. Secretary General Javier Guerrero García, Finance head Humberto Pedrero and Evaluation Unit head Héctor Robles were reported to be infected but asymptomatic and in good health.