In May 2026, 8,358,437 international travelers entered Mexico, a 5.3% annual increase. However, the relevant category in this report, the arrivals of non-border tourists to Mexico by air, fell 7.5% annually, while spending associated with this segment decreased 4.1% to $1,972.6 million. In the other direction, departures of Mexican residents by air grew 14.0% annually (723,958 travelers), with total spending of $786.4 million (+31.9%) and average spending of $1,086.3 dollars (+15.7%).

Our Take

Difficulties in Mexico's tourism sector continue. Additionally, the lower flow of higher-spending international tourists (by air) contrasts with a Mexican consumer showing greater propensity to travel and spend abroad, possibly favored by a relatively stable exchange rate, which could translate into a moderation of the tourism surplus in the coming months.

Japan's producer prices increased 7.1% annually in June, accelerating from 6.6% in May and surpassing market consensus of 6.8%, recording their largest increase since March 2023. The rebound was driven primarily by the rise in petroleum and coal product prices, in a context of a weak yen and persistent energy pressures linked to the Iran conflict. On a monthly basis, prices advanced 0.4%, moderating from the 1.1% observed in May.

Our Take

The reading confirms that cost pressures continue to intensify in Japan, driven primarily by the energy component. While monthly growth lost momentum, the annual acceleration suggests companies continue to face higher production costs, which could gradually pass through to consumer prices. This environment maintains pressure on the Bank of Japan to continue normalizing its monetary policy, though geopolitical uncertainty will remain a key factor for inflation's evolution.

Following the recent rebound in Middle East tensions, the situation in the region appears to be stabilizing, with the parties involved in a wait-and-see mode, which favored some easing in the oil price, a circumstance that was well received by both equity and fixed income markets. Additionally, President Trump, despite stating that the truce with Iran was over, indicated that Iranian authorities were willing to resume negotiations.

Our Take

The ceasefire is at risk of complete breakdown, but technical conversations between the United States and Iran, aimed at achieving peace in this complex Middle East geopolitical landscape, will continue.

Banxico published the minutes of its June decision yesterday, in which the Governing Board unanimously reaffirmed the maintenance of the overnight rate at 6.50%. The tone of the document remained neutral: while it acknowledged a limited improvement in the balance of external risks following advances in the US-Iran negotiations, it insisted that an upside bias for inflation persists, particularly due to the persistence of the services component. The Board offered no explicit signals about the direction of the next move, conditioning any future adjustment to the evolution of the data.

Our Take

The neutral tone of the minutes confirms that Banxico has entered an active waiting phase, in which the favorable convergence of headline inflation coexists with genuine concern about services resistance. The absence of explicit directional guidance, combined with references by several members to the need for "patience" and compelling evidence before easing the stance further, suggests the rate would remain unchanged for several more months.

Corporate news

Delta Air Lines today released its second-quarter 2026 results, being the first of the major US airlines to report this season. The airline recorded adjusted earnings per share of $1.56, surpassing analyst consensus of $1.48, while revenues reached $17.7 billion, a 14% annual increase and above the estimated $17,524 million. On the outlook, the company reaffirmed its 2026 earnings guidance and expressed optimism for the second half of the year.

Our Take

Delta's results confirm that the resilience of premium demand continues to offset cost pressures, supporting the narrative of a still-solid higher-income consumer despite the environment of high rates and geopolitical volatility. The optimistic guidance for the third quarter and the reaffirmation of the annual target suggest the airline maintains pricing power.

Today is the Wall Street debut of South Korean company SK Hynix, whose performance will likely influence the quotation of the rest of chip manufacturers. Market expectations are very high, as a very solid debut is expected. The company's American Depositary Receipts (ADRs) were priced at $149 each, pointing to a debut of $26.5 billion.

Volkswagen is announcing an ambitious restructuring plan that contemplates, among other things, a substantial capacity cut to 9 million vehicles per year, as well as a reduction of its model range by half. Additionally, there is speculation that due to the complex situation the company faces from rising costs, intense Chinese competition, and US tariffs, it could cut up to 100,000 jobs.

British airline easyJet announced it is considering a £5.7 billion offer presented by Apollo Global Management to acquire 100% of the company. This proposal would be higher than the one presented by fund Castlelake for the English firm.

The to-do list

  • Follow SK Hynix's debut on Wall Street: its performance will set the tone for the semiconductor sector to close the week.

  • It's Friday, close the week without pending matters: have everything ready before 1:00pm because Spain vs. Belgium kicks off in the quarterfinals.

  • Tonight, prepare something light at home or go out to dinner, the World Cup weekend deserves it.

  • Dedicate 20 minutes before the match to stretching or doing a short routine, enter the game with body and mind clear.

Today's recommendation…

Sesame — Asian restaurant in Colonia Roma Norte, Japanese and Southeast Asian-influenced cuisine with seasonal ingredients. The perfect plan for a Friday dinner after such an intense week.