European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
OPEC+ Expected to Hold October Oil Output Steady 
Gold Prices Hold Near $4,500 as Fed Rate Hike Bets Ease 
Turkey Targets 5% Economic Growth by 2029 
Singapore Straits Times Index Hits Record High as Banks, Property Stocks Rally 
Japan, US Target AI and Chips in $550 Billion Investment Push 
Hong Kong Eyes Offshore Yuan Expansion, Deeper China Market Links 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Add as a preferred source on Google
Mexico IP increased 0.2% m/m sa in July, mostly driven by construction activities and mining, which increased 1.5% and 0.5% m/m sa, respectively, partially offset by the decline in manufacturing (-0.5%). In annual terms, IP increased 0.7% y/y.
"We estimate that the GDP proxy of July will expand 0.4% m/m sa, mostly explained by a very strong import performance observed in that month (3.3%) and employment growth (0.4%). This should set the Q3 GDP tracker at 0.7% q/q sa, a bit better than our current forecast (0.4%)", says Barclays.
The contraction in manufacturing was mainly driven by production of transport equipment (cars) falling 5.4% m/m sa, which accounts for almost 25% of total manufacturing. These losses might be offset in August as car production increased 6.0% m/m sa, according to AMIA. However, oil production declined 2.2% in August, and there might be a reversal in construction, as it records two consecutive months of strong positive expansions. In that sense, industrial growth should remain very modest in the coming months and GDP growth should be driven by services.
