- This week we discuss Nemak and the upcoming USMCA review, highlighting that while uncertainty remains around potential changes to automotive rules of origin, we remain cautiously optimistic about the agreement’s continuation.
- In Corporate Updates, we highlight continued consolidation in the industrial REIT (FIBRA) sector, as well as key developments involving Televisa, Pemex, and Orbia.
- In the Mexican credit market, we observed a rebound in risk appetite, with spread tightening and improved performance across higher-quality issuers.
- From a sector perspective, Communications, Energy/Utilities, and Materials were the strongest performers, supported by names such as América Móvil, Pemex, CFE, and Orbia.