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News Article

46,000 deaths, 416,179 Positive Cases

By Ricardo Guzman | Thu, 07/30/2020 - 21:05

The Ministry of Health reported 639 new deaths from COVID-19 and an accumulated total of 46,000. A further 7,730 new positives cases raised the national total to 416,179, of which 50,779 are reported as active or able to transmit the virus.

Accumulative suspected cases rose to 90,587 while272,157 patients have recovered from the virus.

During today’s briefing, Deputy Minister of Health Hugo López Gatell denied having any conflict with governors, as reported by some outlets. “I respect governors who expressed their concerns,” López-Gatell said after 11 states governors presented proposals to upgrade the epidemiological traffic light.

Confirmed cases worldwide rose to over 17.3 million and more than 670,000 deaths, according to the World Health Organization.

 

As of Thursday, July 30

7,730     new cases (from yesterday)

416,179 confirmed cases nationwide

90,582   under investigation

46,000   deaths

 

Impact on markets (19.30 hrs)

US Dollar              MX$22.08            (0.31%)

BMV IPC               37,136.78             (-1.55%)

Dow Jones          26,313.65             (0.85%)

 

Mexico’s GDP collapses 18.9 percent

Mexico’s GDP on 2Q20 collapsed 18.9 percent compared to the same period in 2019, the sharpest annual drop since 1981 when records started according to INEGI preliminary data. The drop against figures reported in 1Q20 reached 17.3 percent. The quarter’s results demonstrated the deep impact of stricter contingency measures and the cessation all non-essential activities. A consensus of specialists expected a contraction of 21.2 percent.

 

US records 32.9 percent GDP drop

After recording a sharp contraction in consumption given the health contingency, the US economy fell 32.9 percent at an annual rate on 2Q20. This was the sharpest plunge since records started in 1947, the Commerce Department has reported, surpassing both the Great Depression and the Great Recession. Economists surveyed by Dow Jones expected a 34.7 percent decline.

 

Bárcena calls to reduce Asia supplies

Mexico’s ambassador to the US Martha Bárcena said the COVID-19 pandemic has shown the great dependence that various sectors have on Asian supply chains, so this may be an opportunity to create regional supply providers and strengthen the American continent’s competitiveness. “What lessons the pandemic has teach us? (…) that the North American region and the whole continent depends a lot on other regions in sectors such as pharmaceuticals, medical equipment and technology,” she said.

 

ECLAC projects 9.1 percent drop for 2020

The Economic Commission for Latin America and the Caribbean (ECLAC) projects a 9.1 percent drop in the region's GDP in 2020, according to a report released today by the UN agency. ECLAC estimates that the poverty rate in Latin America will rise 7 percent points in 2020 to 37.3 percent, according to a report on the COVID-19 pandemic impact on health and economy.

 

Oil revenues collapse 41.3 percent

Oil revenues in Mexico collapsed 41.3 percent in the first half of 2020 compared to the same period last year, the Ministry of Finance (SHCP) has reported. This was the worst drop for a similar period since 1991 when records began. Oil revenues reached MX$249.8 billion. This was a shortfall of MX$208.81 billion against the agency expected MX$458.6 billion.

 

Apple results soar

Boosted by more consumers working and spending time at home, Apple reported strong quarterly results with year-on-year revenue gains across all categories and zones. Revenues reached US$59.69 billion and US$2.58 per share, compared with analyst expectations of U$52.25 billion and U$2.04 per share, according to IBES data from Refinitiv.

 

Ricardo Guzman Ricardo Guzman Editor

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