Gross fixed investment in Mexico rebounded 1.3% month-over-month in June 2026, with a 5.9% increase year-over-year. By component, construction drove the result with a 3.5% monthly increase (8.8% year-over-year), while machinery and equipment declined 1.1% month-over-month. In contrast, private consumption fell 0.4% month-over-month in the same month, although it maintained growth of 1.6% year-over-year; by origin, spending on imported goods declined 1.4% month-over-month, while spending on domestic goods and services fell 0.4%.

Our Take The rebound in investment is positive, but its concentration in construction and the decline in machinery and equipment show that the recovery is not yet broad-based. At the same time, weak consumption suggests softer domestic demand, making it necessary to assess whether the improvement in investment can be sustained once the temporary effects of the second quarter fade.

Eurozone retail sales declined 0.6% month-over-month in July, after rising 0.2% in June and compared with the 0.4% increase expected by the market. The result points to a loss of momentum in consumption at the start of the third quarter, despite easing core inflation and a gradual recovery in real incomes.

Our Take The decline suggests that households remain cautious amid higher energy costs and still-restrictive financial conditions. Weak consumption is limiting the eurozone’s recovery and adding to the ECB’s dilemma, as it faces weaker economic momentum alongside renewed inflationary pressures.

German industrial orders rose 2.5% month-over-month in July, well above the 0.5% expected, marking three consecutive months of growth. On a year-over-year basis, they increased 13.1%, up from 7.2% in June. However, the rebound was concentrated almost entirely in the manufacturing of other transport equipment.

Our Take The data provides a positive signal for German industry, but its high degree of concentration reduces the strength of the result. Confirmation of a sustainable recovery will require broader improvement across sectors and stronger demand for capital and intermediate goods.

Norges Bank Investment Management proposed reducing its sovereign bond holdings by about 100 billion to increase its exposure to higher-risk debt. The adjustment would primarily affect its holdings of U.S. debt and is being considered against a backdrop of sovereign yields at multi-decade highs.

Our Take The proposal reflects a search for higher returns and diversification amid deteriorating fiscal conditions and increasing volatility in public debt markets. Although this is a strategic portfolio decision, a shift of this magnitude could add further pressure to sovereign bonds.

Corporate news

Shares of Volkswagen rose nearly 6% following the approval of its largest restructuring plan. The program includes an additional 50,000 job cuts and reductions in production capacity and models to restore competitiveness. Support from labor unions and the state of Lower Saxony reduces the risk of a labor confrontation, while the future of four of the company’s brands remains under review, with the possibility that they could be discontinued.

OpenAI unveiled GPT 6 Astra, its most advanced model to date. The company highlighted improvements in browsing, computer use, programming, cybersecurity, science, and professional tasks. The launch aims to expand the use of artificial intelligence in complex processes and will become gradually available in ChatGPT and through the API.

Lululemon once again lowered its full-year outlook after reporting a 4% decline in quarterly revenue to $2.4 billion. Comparable sales fell 9%, with a sharper contraction in the Americas. The company now expects its 2026 revenue to decline between 5% and 7%, as it faces weaker demand and increasing competition.

Nvidia agreed to acquire Hugging Face for $12.93 billion to strengthen its presence in the open artificial intelligence ecosystem. The platform, used by more than 18 million developers and 200,000 companies, will remain open and continue supporting models, cloud services, and processors from different providers.

The “to-do list”

  • Keep an eye on oil prices, as they could surge back above $100 if they remain around $95 for a little longer.

  • Analyze the fact that Tesla launched its robotaxi service in Texas and that the road safety agency says it is evaluating it

  • This weekend, prepare something special at home or go out and enjoy September weather in the city.

  • Spend 20 minutes stretching or going for a walk; ending the week by moving your body makes a difference heading into the weekend.

Today’s recommendation…

El Turix in Polanco — the city’s benchmark for cochinita pibil, with juicy, well-seasoned tacos. The perfect plan to kick off the weekend with one of the most iconic flavors of Yucatecan cuisine.