Mexico Hits 5,014 Positive Cases; 23,040 Have Tested Negative

The COVID-19 pandemic has caused 332 deaths and there are now 5,014 positive cases in Mexico. So far, 37,395 patients have been tested of which 23,040 showed up as negative for the virus, the Ministry of Health has reported.

During today’s special briefing, the National Center for Gender Equity and Reproductive Health Director Karla Berdichevsky presented the guidelines for the prevention and mitigation of COVID-19 for pregnant women and newborn babies. Besides having a special health check-up, she said pregnant women must strictly follow all recommendations. The Ministry of Health has a telephone line (800-MATERNA) available during this contingency period to provide information and legal support for those who might need it.

Also, IMSS Medical Benefits head Víctor Hugo Borja announced that healthcare workers fighting COVID-19 will receive a special bonus for up to 20 percent of their salaries, a benefit that will last until the pandemic is over.

As of Monday, April 13

353         new cases (from yesterday)

5,014     confirmed cases nationwide

9,341     under investigation

332         deaths

Impact on markets (19.30 hrs)

US Dollar              MX$23.63            (-0.14%)

BMV IPC               34,613.67             (0.13%)

Dow Jones          23,390.77             (-1.39%)

UBS expects Mexico’s GDP to drop 7.6 percent

Faced with a further contraction of the US economy and the weak response of Mexico against the COVID-19 crisis, UBS modified its forecasted contraction of Mexican from a 3.5 to a 7.6 percent plunge for this year. The Swiss bank highlighted that the expected contraction is worse than any annual decrease ever seen, including the 1980s debt crisis, 1995’s so-called Tequila Crisis or the 2008 global financial crisis. UBS predicted that Banxico will drastically cut its interest rate to support the economy, despite the fact that this may not provide much economic relief in a country with low credit penetration.

Walmart supports SME clients

Aiming to mitigate the impact of the COVID-19 in SMEs and support its businesses partners, Walmart will be waiving two months of rent to its nearly 11,000 tenants located in the units of the company. The real estate business division of the retail giant said the relief measures will run for April and May. “We are convinced that in these situations it is essential that we all contribute to help those who need it most,” said Guilherme Loureiro, CEO for Mexico and Central America.

OPEC+ seeking to cut 20 million barrels per day

OPEC+ is seeking to cut 20 million barrels per day instead of the 9.7 million that was announced on Sunday in a historic agreement, the US President Donald Trump has announced. “Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 million barrels a day, not the 10 million that is generally being reported,” he wrote on his Twitter account. The 9.7 million barrel per day reduction agreement ended a month-long price war between Saudi Arabia and Russia that flooded the world with cheap crude. Despite the agreement, on Monday Brent gained just US$0.26, or 0.83 percent to settle at US$31.74, while WTI lost US$0.35 or 1.54 percent, to close at US$22.41. The Mexican crude oil basket’s value closed at US$17.16 per barrel, a 3.74 percent increase of its price.

Poor car are expected

Due to the COVID-19 contingency, car sales in April and May are forecasted to drop 94 percent compared to the same period the previous year, the Mexican Association of Automotive Distributors (AMDA) has reported. For April, it is expected that 7,800 new cars will be marketed, compared to 2019, when 98,105 units were sold.

Nayarit closes borders

Due to the increase in cases of COVID-19 in Nayarit, which has reached 26 positives and five deaths, Gov. Antonio Echevarría García ordered the closure of borders between the limits with Sinaloa and Jalisco.