Highest Increase in One Day: 2,409 New Cases

The Ministry of Health has reported 257 new deaths from COVID-19 bringing the total number to 4,477. The number of positive cases increased 2,409 to 42,595 in 24 hours marking the highest daily increase so far.

According to the ministry, of the total of confirmed cases 10,057 are active, or with symptoms in the last 14 days implying they could transmit the virus.

During today's special briefing Health Promotion head Ricardo Cortés reported on the communication strategy progress and Deputy Minister of Health Hugo López-Gatell warned that starting the national recovery plan does not mean that the quarantine will be lifted from one day to another and exhorted citizens not to rush into public spaces.

“This is the most difficult time. In this wave of the pandemic we must not lose sight of the challenge that this implies,” he said.

As of Thursday, May 14

2,409     new cases (from yesterday)

42,595   confirmed cases nationwide

26,746   under investigation

4,477     deaths

Impact on markets (19.30 hrs)

US Dollar              MX$24.06            (-1.06%)

BMV IPC               36,094.14             (-0.83%)

Dow Jones          23,625.34             (1.62%)

Key rate cut to 5.50 percent

Banxico lowered its benchmark interest rate to the lowest level since December 2016, an additional move by the Central Bank to ease the COVID-19 pandemic’s effects on the economy that is expected to worsen in the second quarter. The five-member governing board of Banxico unanimously voted to reduce the key rate by 50 basis points to 5.50 percent. The peso strengthened following the announcement. Banxico stated that it will secure interest rates are consistent with its inflation target.

More companies resuming activities

As of June, 1,080 manufacturing companies providing goods for the automotive and aerospace industries are returning to work, INDEX has reported. Sanitary protection measures and adjustments in work spaces and processes can imply additional costs of between MX$25 to MX$30 million per plant, reported the manufacturing exports council head Luis Aguirre. In a video conference Aguirre said adjustments have been made under international good practices since April and that resuming activities in this companies involve 978,883 direct jobs.

Mexican crude rises 9.23 percent

The Mexican crude basket rose 9.23 percent or US$1.95 today to reach U$23.08 per barrel, its highest price since March 17. Since domestic crude oil traded at a negative price at the end of April, it has had an upward trend in the hands of its peers from the US and Europe. Measures to leave confinement in various countries and the reopening of strategic economic activities have been the main driver for the energy market in recent days, backed by lower oil production. WTI closed with an increase of 8.98 percent, to U$27.56, while Brent gained 6.65 percent, closing the trading session at US$31.13.

INER extends capacity

The National Institute of Respiratory Diseases (INER) has expanded its capacity by 40 percent to provide care for seriously ill COVID-19 patients via the installation of a “field hospital”. The mobile medical unit cost MX$72 million and was installed by the Red Cross in the parking lot of this highly specialized hospital. The military-type hospital with international standards has five tents and will be staffed by INER personnel. Red Cross head Fernando Suinaga explained that 40 beds with ventilators and monitors are now available in a 900 square meters space.

CNDH cautions work on Mayan Train

While President Andrés Manuel López Obrador wants to resume tours of the Mayan Train, the National Human Rights Commission (CNDH) issued precautionary measures to stop non-essential work of this project. In a statement, CNDH says its  suggestions were addressed to FONATUR and derived from a complaint filed by indigenous communities in the Yucatan Peninsula.

Tourism GDP will drop 46 percent

The National Tourism Business Council (CNET) estimated that the COVID-19 pandemic will cause a 46 percent drop in tourism GDP this year and that from March to May losses in the sector will near MX$500 billion. CNET head Braulio Arsuaga said collaboration of the public sector is necessary to avoid further damage.

Security concerns increase

As a result of the coronavirus pandemic that brought about the stoppage of non-essential activities in most industries, companies have seen a marked increase in crime in the country, said CONCAMIN.

"About 55 percent of companies perceive an increase in crime after the COVID-19 contingency,” Vice President José Cohen said in a videoconference.