Positive Cases Increase 6.3 Percent

The Ministry of Health announced 163 more deaths from COVID-19 since yesterday, increasing the death toll to 1,732 nationwide. Another 1,047 positive cases were added to the list in the last 24 hours for an increase of 6.3 percent, Director of Epidemiology Jose Luis Alomía reported in today’s briefing. There are 152 deaths likely linked to the virus that are still to be determined, Alomía said.

Minister of Health Jorge Alcocer pointed out that not all individuals who suffer from the virus react in the same way due to their differing immune systems. “One of the lessons we have from this is that health is the most important thing. If we take care of our health, then we are going to face all the millions of antigens that will continue to arrive,” Alcocer said.

As of Wednesday, April 29

1,047     new cases (from yesterday)

17,799   confirmed cases nationwide

13,263   under investigation

1,732     deaths

Impact on markets (19.30 hrs)

US Dollar              MX$23.78            (0.17%)

BMV IPC               36,870.09             (2.90%)

Dow Jones          24,633.86             (2.21%)

Stock markets good streak continues

Stock markets kept on positive ground for the sixth consecutive day recording their longest streak since last December in Mexico, and following international good results on today’s trading. BMV’s IPC rose 2.90 percent while BIVA’s FTSE advanced 3.07 on Wednesday. In the US, Wall Street closed the session with optimism after the announcement of a possible treatment against COVID-19 bringing Dow Jones to a 2.21 percent increase, while S&P 500 gained 2.66 percent and Nasdaq recorded the biggest increase with a 3.57 percent daily increase.

Mexico City hospitals expect support

Mexico City Head of Government Claudia Sheinbaum explained that to date,55 to 60 percent of the hospital network of the metropolitan zone are saturated, but once support by the Ministry of Defense National (Sedena) and the Navy (Semar) is effective this site saturation will decrease and a better patient distribution will be achieved. Sheinbaum reported that an agreement has already been signed with IMSS so that, if necessary, it can receive COVID-19 patients in their hospitals.

La Comer reports gains on Q1

Boosted by purchases of supplies due to the COVID-19 pandemic, La Comer sales grew 25.6 percent on Q1 compared to the same period in 2019, to MX$6.1 billion, the company has reported. The retail chain operates 71 stores in Mexico under the Sumesa, La Comer, City Market and Fresko brands. The company reported that all formats, regions and categories presented positive numbers, but it was Fresko that had the highest sales increase.

Oil recovers some ground

The Mexican crude basket rose 28.79 percent to US$9.44 per barrel today according to PEMEX data. This is its second consecutive rise after falling 23.21 percent on Monday. In the international market, WTI rose 22.04 percent to US$15.08 per barrel while Brent closed with a 10.9 percent increase, at US$22.69 per barrel. Crude stocks in the US rose again last week according to a report released by the American Energy Agency (EIA), which also showed a drop in gasoline stocks.

Global GDP to contract 8 percent

Due to containment measures to prevent the spread of COVID-19 and the paralysis of global economies, the world’s GDP will contract 8 percent on Q1 said the OECD head Gabriela Ramos. On the third day of the National Conference for Economic Recovery convened by the Business Coordinating Council (CCE) Ramos pointed out that for every month of the economic paralysis global GDP recedes 2 percent.

Mexico lacks fiscal space

Minister of Finance (SHCP) Arturo Herrera acknowledged that Mexico does not have “fiscal space like other countries” that have announced large stimulus. However, there is a good support plan in place to help Mexico face the crisis. “Banco de Mexico's measures to give greater liquidity and guarantee to traditional instruments are extremely important. We cannot today have a fiscal stimulus program of the kind that took place in Spain, Canada, Germany or the United States,” he said in an interview with El País.

Alcohol ban is extending

Tlalpan’s mayor's office ordered the sale of alcoholic beverages to be suspended starting today and until next July 2 to prevent gatherings that could spread COVID-19. According to mayor Patricia Aceves the measure will also apply to those who sell alcoholic beverages at fairs or popular and traditional festivals on public roads. Already applying alcohol sales restriction in Mexico City are: Coyoacán, Miguel Hidalgo, Xochimilco, GAM, Cuajimalpa, Milpa Alta, Magdalena Contreras and Álvaro Obregón.