MARKETS
The S&P / BMV IPC was marginally up (+0.1%) over the last week, as weak macroeconomic data was partially offset by an improved sentiment following the China-US preliminary trade agreement. Meanwhile, the Mexican peso broke the MXN19.0/USD barrier to close at MXN$18.88/USD, and the yield of the 10-year M-Bono rebounded 7 bps to 9.27%.
The S&P / BMV IPC’s top gainers for the week were: PEÑOLES (+10.1%), TLEVISA CPO (+10.0%) and GENTERA * (+4.1%). On the other hand, the main losers were: ALFA A (-4.7%), LAB B (-3.5%) and ASUR B (-3.4%).
LISTED COMPANIES
GMéxico Transportes has called an extraordinary shareholders’ meeting for next June 27th to approve the de-listing of the company’s shares from the BMV. Another one bites the dust, as John Deacon might have said.
Arca Continental has signed an agreement to acquire Imperial, LLC, a Tulsa, Oklahoma-based company that operates in the vending machine and micro-market business, which is a franchisee of Canteen in various territories in Oklahoma, Texas, Arkansas, and other nearby states in the United States. The transaction is pending regulatory and other approvals; it will likely be concluded in 3Q25. No amount was provided.
Walmex announced that e-commerce sales increased 28% from last year during this year’s Hot Sale campaign supported by rising demand for cell phones and screens, perfumes, wines, and spirits. Downloads of its Bodega Aurrera, Sam’s Club, and Walmart apps reached record levels.
Fibra Macquarie will develop up to four new Class A industrial buildings with a total potential GLA of approximately 750 thousand square feet on a 16-hectare land parcel in the Pacifico/Libramiento submarket of Tijuana. This is a 50-50 joint venture between Fibra Macquarie and Grupo Frisa, which will contribute the land parcel to the project. Total investment will amount to US$88.0 million, of which 50% will be progressively contributed by Fibra Macquarie. The project is expected to deliver an NOI yield on cost of between 9% and 11%, in line with Fibra Macquarie’s target returns.
Liverpool announced it has terminated its alliance with Chinese EV manufacturer BYD. The department store chain said it will focus on the most relevant business for its clients.
The Mexican Stock Exchange will likely receive the authorization to launch debt clearing operations next July, according to Marcos Martínez, Chairman of the Board.
Grupo Aeroportuario del Pacífico announced that regulators approved the following maximum tariffs for its Kingston and Montego Bay airports. They also approved a US$85.2 million investment program for Kingston and US$118.1 million for Montego Bay, for the 2026-2030 period.
Cemex has closed the previously announced issuance of US$1 billion in subordinated perpetual notes. The company will use proceeds for general corporate purposes, including the refinancing of debt or other financial obligations.
Genomma Lab prepaid MXN$1.0 billion in Cebures and MXN$400 million in bank debt. With this transaction, the company extended its debt profile and reduced the average cost of debt.
Fibra Inn announced the sale of the Microtel Inn & Suites by Wyndham Chihuahua hotel for MXN$100.0 million plus VAT. The Fibra will invest proceeds in higher-return projects, including the repurchase and cancellation of CBFIs, as well as investments in properties within the current portfolio.
Vinte announced that on June 11th, it issued green bonds amounting to MXN$2.5 billion in two tranches with 5 and 7-year terms. The company plans to use proceeds to improve its average debt maturity. VINTE received the following credit ratings: i) Moody’s Local Mexico assigned a corporate rating of AA-.mx with a stable outlook; it also assigned an AA-.mx rating to the bonds to be issued; ii) PCR Verum raised Vinte’s corporate rating to ‘AA/M’, from ‘AA-/M’, with a stable outlook and assigned an ‘AA/M’ rating to the bonds to be placed; iii) HR Ratings assigned an HR AA- rating with a stable outlook to the bonds.
OTHER COMPANIES
Amidst a well-received corporate rebranding, Grupo Coppel said it plans to invest more than MXN$80 billion (US$4.2 billion) over the next five years to support its physical and digital transformation. 50% of such investments will be aimed at expanding the store network and distribution centers; while 40% will be focused on renewing its e-commerce platform and modernizing financial services; and 10% will be for mobility and sustainability, which includes boosting logistics and environmentally friendly operations.
Heineken says it plans to invest US$2.75 billion over the 2005-2008 period in Mexico to increase production capacity which includes a new US$500 million plant in Kanasín, State of Yucatán. This new facility will have an initial production capacity of 4 million hectoliters and will likely generate 3,000 direct and indirect jobs was in fact announced back in 2023, and is near completion.
Mercado Libre announced that sales during the Hot Sale period reached a new all-time high in Mexico. The e-commerce company experienced higher demand for electronics, including cell phones, tablets, and computers, as well as fashion, primarily footwear.
Vivaerobus’s total passenger traffic was up 9.0% YoY to 2.5 million in May, driven by a 7.7% increase in domestic traffic and a 21.2% rise in international one. The load factor reached 84.8%, compared to 85.3%.
Cofece authorized Royal Caribbean’s acquisition of the Mayahual port and 34 adjacent buildings for US$211 million.
Ualá raised the deposit interest rate to 16%, from 11%, with limitations. To be eligible for such interest rate, users will have to maintain a MXN$100 minimum balance, make monthly purchases amounting to MXN$3,000 and receive payroll portability for that amount. Didi also joined the deposit wars, offering 15% yield through its SOFIPO.
ECONOMIC
The inflation rate increased a higher than expected 0.28% in May, with core inflation rising 0.30% and non‑core inflation up 0.23%, according to INEGI. Headline inflation was above the Citi Mexico Expectations Survey forecast of 0.23%, but the core inflation rate was below the 0.26% consensus projection. Core gains reflected higher prices in goods and services while non‑core was driven by surges in pecuniary products and food and beverages, despite declines in energy. On an annual basis, headline inflation accelerated to 4.42% (from 3.93% in April), led by strong non‑core performance at 5.34% and core at 4.06%. Both annual headline and core inflation rates surpassed consensus projections of 4.37% and 4.02%, respectively. Headline inflation also exceeded the maximum of Banco de Mexico’s tolerance level.
Industrial activity edged up 0.1% MoM (seasonally adjusted) in April, driven primarily by a 1.3% rise in mining and a 0.7% increase in manufacturing, while construction fell by 2.0% and utilities remained nearly flat. Industrial activity contracted 4.0% YoY (original data), due to weakness in all components, including mining (-7.7%), construction (-6.8%), manufacturing (-2.6%), and utilities (-1.7%).
The number of IMSS registered formal jobs decreased by 45,624 compared to April, representing a 0.2% MoM decline. This was the highest loss for a fifth month since the pandemia. This reduction was attributed to seasonal factors in the agricultural sector.
Light vehicle production declined 2.0% YoY to 358,209 units in May, while exports fell 2.9% YoY to 301,112 units, INEGI reported. This was the weakest performance in the last 5 years for a similar month.
International visitors increased 13.5% YoY to 7.7 million in April 2025, INEGI reported. Total spending was up 12.5% YoY to US$3.0 billion, while average spending declined 0.8% YoY to US$396.80.
Divisions in Banxico? Victoria Rodriguez Ceja, Banco de México’s governor said in an interview in “El Financiero” newspaper that it would be appropriate to ease monetary conditions and that a 50-bps interest rate reduction in the next monetary policy meeting could take place. Meanwhile, Jonathan Heath, Banco de México’s deputy Governor, said by contrast he could support a pause in the cycle of interest rate cuts given the recent spike in inflation, according to an interview published by El Economista.
CETES auction: 28-day CETES flat at 8.10%; 91-day CETES –3 bps to 8.06%; 182-day CETES +15 bps to 8.19% and 350-day CETES -2 bps to 8.31%.
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