October 4, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas releases market commentary from Quasar Elizundia, expert research ztrategist at Pepperstone.
“Mexican equities opened to the upside following US stock markets. Investors reacted to the publication of the US NFP report which showed that the US job market could be stronger than previously anticipated. A healthier US economy could help support the Mexican economy and the Mexican stock market. However, a slower pace of interest cuts could weigh on economies and stock markets on both sides over the medium term. At the same time, stronger car production and export figures could help drive the Mexican stock market to the upside. Auto exports rose 4.8% compared to 1.7% in August while auto production increased 11.7% compared to 8.3% in August.
However, despite the rebound today, the Mexican stock market remained near its lows for the last few weeks. The market could remain under pressure after four sessions in the red and attention could turn to Mexico’s Supreme Court, which is set to review a constitutional challenge to judicial reforms. Uncertainty about these reforms could affect investors sentiment. All eyes are now on the upcoming inflation data and the minutes from Mexico’s monetary policy meeting, set to be released next week. Although the annual inflation rate fell to 4.99% in August, the uncertainty regarding the path of rate cuts could negatively impact local stocks.”
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