News Article

Reduction is Expected in the Next Seven to 14 Days

By Ricardo Guzman | Tue, 03/31/2020 - 21:23

Twenty-nine deaths and 1,215 confirmed cases were reported in the March 31 COVID-19 briefing. Of the total infected cases, 16 percent are hospitalized, 5 percent are in a serious condition and 1 percent is intubated. According to Ministry of Health officials, Quintana Roo is the state with the highest accumulated incidence rate, which is calculated based on the population of each entity. The youngest person to die from the pathogen was 37 years old and the oldest 85. Over 6,282 patients have tested negative for the virus so far.

Deputy Minister of Health Hugo López-Gatell said that in a period of 7 to 14 days a reduction of infections should be seen in the epidemiological curve, as long as the people comply with the healthy distance protocol.


As of Tuesday, March 31

121      new cases (from yesterday)

1,215   confirmed cases nationwide

3,511   under investigation

29        deaths


Impact on markets (19.45 hrs)

US Dollar         MX$23.48       (-3.30%)

BMV IPC         34,554.53        (1.04%)

Dow Jones      22,007.92        (-1.43%)


Fitch to make PEMEX decision in April

Fitch will discuss cutting its PEMEX rating during a committee scheduled before the end of April. The rapid spread of COVID-19 and the fall in oil prices forced the NOC’s rating revision, which will be carried out alongside those of other companies exposed to similar risks, said Fitch analyst Joe Bormann in a conference call, according to El Financiero. PEMEX bonds have been affected by the drop in oil prices, dragging down Mexico’s sovereign rating. Both Moody’s and S&P Global Ratings adjusted PEMEX investment grade with a negative outlook last week.


COPARMEX responds to the president

In response to President López Obrador request for solidarity in today’s morning briefing, and despite the accusations that “the federal government has not been supportive to the private sector,” the Employers' Confederation of the Mexican Republic (COPARMEX) stated the companies will make an effort to pay full wages to its employees during the health emergency in accordance with the capacity of each business. In a statement, COPARMEX said that the federal government must detail which essential companies can keep working during the contingency since there are still some unanswered questions.


Senator assesses changes to the labor law

Senate leader Ricardo Monreal said discussions are ongoing with the Legal Counselor of the Presidency Julio Scherer regarding an initiative to abolish Article 429 of the Federal Labor Law, in order to guarantee full payment of wages during the health emergency. In a video conference, Monreal said that all employers, without exception, must act responsibly and pay their workers while they isolate themselves for one month.


Mexico City shopping centers shut down

The Mexico City government ordered the total closure of all shopping centers in an attempt to curb the spread of the virus. This restriction does not include pharmacies or supermarkets, which must take preventive measures when customers enter their stores. There are an estimated 338 shopping centers in Mexico City.


China donation reaches Mexico

Donations made by Chinese companies arrived early Tuesday at the Mexico City International Airport. According to the China Cultural Center, the Jack Ma Foundation and the Alibaba Foundation sent 50,000 COVID-19 test kits, 100,000 masks and five artificial respirators were given to the Mexican people. Representatives of the Ministry of Foreign Affairs and the Ministry of Health received the donation.


Retail report good “panic” results

Retail sales rose 97.5 percent on the week of March 23 to 29, in which the Phase 2 was announced in Mexico, according to a Pabis Retail analysis reported by Milenio. Despite the COVID-19 pandemic, sales rocketed due to panic buying.

Ricardo Guzman Ricardo Guzman Editor