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News Article

The Greatest Daily Increase is Recorded

By Ricardo Guzman | Mon, 04/06/2020 - 22:18

Thirty-one more people have died in 24-hours, recording the greatest daily increase since the start of the pandemic in Mexico on February 27, the Ministry of Health has reported. The total number of deaths rose to 125 and 296 new positive cases were confirmed - also the highest number for one day - bringing the total to 2,439 positive cases nationwide.

Deputy Minister of Health Hugo López-Gatell warned of the diabetes prevalence in Mexico, which is one of the main health problems associated with deaths and severe COVID-19 cases. “Mexico has one of the highest rates of diabetes prevalence in the world and people who are not aware of that can find out,” he said. López-Gattel recommended that those who think they may be have the virus to check their family medical history. According to April’s 6 daily report, 58 percent of confirmed cases are men and 10,682 patients have tested negative.

 

As of Monday, April 6

296         new cases (from yesterday)

2,439     confirmed cases nationwide

6,295     under investigation

125         deaths

 

Impact on markets (19.45 hrs)

US Dollar              MX$24.68            (0.19%)

BMV IPC               34,381.56             (3.95%)

Dow Jones          22,679.99             (7.73%)

 

Mexican oil basket drops 8.89 percent

The Mexican Crude Basket lost 8.89 percent of its value on Monday, falling to US$18.66 per barrel, according to PEMEX data. This represents a US$1.82 drop compared to last Friday, when the Mexican basket recovered some lost ground after hitting the lowest price in its history. International oil prices fell again at the start of the week after reports on the postponement of a meeting between OPEC and its allies intended to seek an agreement to limit crude supply.

 

Car sales keep plunging

Sale of light vehicles in Mexico reported a decrease of 25.53 percent in March compared to the same period last year, according to an INEGI report based on data from 21 automotive companies hit by the COVID-19 pandemic. The office reported that 87,517 units were sold March 2020, against 117,513 in the same month last year. In accumulated figures, the yearly drop in sales reached 10.91 percent from January to March.

 

CEMEX suspends production

CEMEX announced the suspension of production in its 15 Mexican plants until April 30.

In a statement sent to the Mexican Stock Exchange, the cement company reported that other actions to face the pandemic include a program to reduce costs by US$200 million in 2020, and the cancelation of investments contemplated early in the year. CEMEX is in constant communication with the Mexican government, said the company’s CEO Fernando González.

 

Interceramic closes for April

Interceramic reported that it will suspend its activities until April 30. The Grupo Carso company stated that it will close production plants and stores located in the country. “The company will remain attentive to the federal government news and will promptly announce any update or modification that occurs,” the document sent to the Mexican Stock Exchange details.

 

BoFa expects bigger plunge

The plan to face the COVID-19 economic impact presented yesterday by President Andrés Manuel López Obrador had nothing new, so the economic contraction in Mexico will deepen, Bank of America (BofA) has reported. “Coronavirus will most likely deepen the economic downturn and limit the economy's ability to recover after the health emergency ends,” said the report. Last week BoFa reported that GDP contraction of 8 percent is expected for the Mexico in 2020, with a 4.5 percent recovery in the following year.

 

ANTAD reports robberies

Members of the National Association of Self-Service and Department Stores (ANTAD) have counted 37 incidents of robbery and 16 of coordinated looting throughout the country since March 17, the office has reported. “We have a very detailed report of what is happening," said Vicente Yáñez, head of the group, during a briefing with the Business Coordinating Council (CCE). Yáñez said that the states with  most cases are Queretaro, Veracruz, Puebla, Mexico City, Oaxaca, Guadalajara, Michoacan and Guanajuato.

 

Another meeting with business representatives

President Andrés Manuel López Obrador met this afternoon with representatives of the business community in the National Palace, one day after he announced his plan to help revive the economy. Mexican Business Council (CMN) head Antonio del Valle, Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) head Valentín Díez Morodo, Televisa head Emilio Azcárraga and Grupo Bal executive Alejandro Bailleres were reported to have attended the meeting.

Ricardo Guzman Ricardo Guzman Editor