- Mexico’s S&P Global Manufacturing PMI for July contracted to 49.60, below June’s 51.10 expansion, underscoring the economy’s undergoing a slowdown.
- July’s Business Confidence was unchanged at 52.9.
- Mexico's Gross Domestic Product (GDP) for Q2 rose 0.2% QoQ, below estimates of 0.4% and a 0.3% increase in Q1. On an annual basis, GDP for Q2 2024 grew 2.2% YoY on its preliminary reading, above estimates of 2% and the previous quarter's 1.6% expansion.
- The Federal Reserve decided to hold rates unchanged yet commented that goodish data regarding inflation and further weakening in the labor market could be the triggers for action.
- US Initial Jobless Claims for the week ending July 27 rose 248K, exceeding estimates of 236K and the prior week’s 235K.
- The Institute for Supply Management (ISM) Manufacturing PMI for July plunged from 48.5 to 46.8, below estimates for an expansion of 48.8 and is the lowest reading since December 2023.
- Today’s jobless claims data and Wednesday’s ADP Employment Change in July missing the market could be a prelude to Friday’s Nonfarm Payrolls. Estimates suggest the US economy added 175K employees to the workforce, below June’s 206K.
- Data from the Chicago Board of Trade (CBOT) shows that the December 2024 fed funds rates futures contract suggests that policymakers will ease policy at least 80 basis points.
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