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News Article

926 More Deaths, 6,686 Cases

By Ricardo Guzman | Tue, 08/11/2020 - 20:40

The Ministry of Health reported that 53,929 people have died due to COVID-19 in Mexico so far after 926 more deaths were confirmed in the last 24 hours. A further 6,686 new cases brought the national total to 492,522, of which 41,317 are thought to be active or with symptoms of in the last 14 days.

During today’s briefing, Deputy Minister of Health Hugo López-Gatell said it should not surprise us that the number of cases rise and then decline, and that resurgences follow.

The official said that instead of having an epidemic that lasted two and a half or three months as happened in some European countries, Mexico is facing a more drawn out health crisis. “We have an epidemic that spreads over time and that obviously causes despair, fatigue and frustration,” he said.

Hypertension, obesity and diabetes continue to be, respectively, the first three conditions associated with deaths from the new virus.

 

As of Tuesday, August 11

6,686 new cases (from yesterday)

492,522 confirmed cases nationwide

81,259   under investigation

53,929   deaths

 

Impact on markets (19.30 hrs)

US Dollar              MX$22.33            (-0.65%)

BMV IPC               38,703.59             (1.08%)

Dow Jones          27,686.91             (-0.38%)

 

 

PAHO asks for more testing

Mexico has to make a greater effort to expand access to COVID-19 tests, the Pan American Health Organization (PAHO) said. “In the case of Mexico, a greater effort must be carried out to expand access to testing,” said the UN’s office head Jarbas Barbosa. He explained that without sufficient testing to all suspected cases it will be very difficult to be effective with the rest of the control measures.

 

Increasing international reserves

Banxico's international reserves reached US$192.65 billion after completing a ninth consecutive weekly increase between July 31 and August 7, the central bank has reported. This balance is close to the historical US$196 billion record on January 2014 and shows Mexico’s liquidity in US dollars to investors, Ducker Frontier analysts Alejandro Valerio said.

 

IDB warns on poverty

The Inter-American Development Bank (IDB) warned that the COVID-19 crisis will have a very strong social impact in Mexico, with a significant increase of poverty among middle classes, going from 34 to 66 million people. According to a recent study the IDB estimates that job losses could rise from 4.1 to 14.4 percent, depending on how long the recession lasts.

 

US dollar at MX$22.33

The Mexican peso appreciated against the US dollar today after a mild increase in the start of the week. The exchange rate closed today’s trading at MX$22.33 per greenback compared to MX$22.48 yesterday. Banxico reported that the Mexican currency gained 14.50 cents or 0.65 percent.

 

Putin announces vaccine

Russian President Vladimir Putin has said a locally developed vaccine for COVID-19 was been given a regulatory approval after less than two months of testing on humans. The vaccine is called Sputnik V, honoring the historic Soviet Union milestone in the space race. Putin noted the vaccine already passed all required checks and even his daughter took it. Officials plan to start a mass vaccination program in October.

 

WHO questions Russia

The World Health Organization (WHO) has not received enough information on the Russian COVID-19 vaccine to evaluate it, regional branch PAHO head Jarbas Barbosa said. He explained that any project has to complete Phase 2 and 3 trials to guarantee its safety. Amid fears that safety could have been compromised, the WHO urged Russia last week to follow international guidelines in its vaccine development project.

 

Announcement drops gold, silver

Precious metals posted heavy losses on Tuesday following news that Russia registered the first COVID-19 vaccine, which led to the massive sale of these commodities. Gold fell 5.71 percent to US$1,911 per ounce, its worst fall in 7 years. So far this year gold has a 26 percent gain. Silver fell 14.77 percent to US$24.83 dollars per ounce, its worst fall in 12 years.

 

Ricardo Guzman Ricardo Guzman Editor