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Bank of Mexico Ends Easing Cycle With Interest-Rate Cut

  • The Bank of Mexico lowered its benchmark interest rate to 6.5%, stating this is the final cut of the current easing cycle.
  • The central bank’s board voted 3-2 to reduce the rate by a quarter of a percentage point to a four-year low.
  • The rate cut followed easing inflation in April and a larger-than-expected economic contraction in the first quarter.

 
Trade Court Rules Against Trump’s New Global Tariffs

  • A federal trade court invalidated President Trump’s new 10% global tariffs, ruling he lacked authority under Section 122 of the Trade Act.
  • The 2-1 ruling found the tariffs didn’t meet criteria for import surcharges. The 10% tariff was slated to expire in July.
  • Trump’s team plans to replace the invalidated tariffs with new ones under Section 301 of the Trade Act, targeting unfair trade practices by other nations.
U.S Jobless Claims Rose Last Week

  • U.S. jobless claims rose to 200,000 in the week through May 2, up from 190,000 a week earlier, the Labor Department said.
  • Continuing jobless claims fell to 1.77 million in the week through April 25, down from 1.78 million a week earlier.
  • The private sector added 109,000 jobs in April, exceeding expectations, compared with 61,000 in March, a separate ADP report Wednesday found.
German Industry Slumped in March on Outbreak of Iran War

  • German industrial production unexpectedly fell 0.7% in March, driven by an energy production slump amid rising Middle East conflict-related energy prices.
  • The BDI industrial association said German industry faces stagnation this year, while the government halved its growth forecast to 0.5%.
  • Imports jumped 5.1% in March, while car sales slowed in April, and the European Central Bank is expected to raise interest rates.
IMF Warns That Evolving AI Threat Could Upend Financial Markets

  • The IMF warns that artificial intelligence can cause a macro-financial shock due to cyber threats, citing Anthropic’s Claude Mythos model.
  • The IMF analysis suggests extreme cyber losses could trigger funding strains, raise solvency concerns, and disrupt broader markets.
  • The IMF called for sharpening cybersecurity measures, as AI-assisted attacks can propagate across sectors like energy and telecom.
U.K. Shop Visits Dip as Inflation Bites into Spending

  • U.K. retail footfall declined 10.7% on year in April, the weakest performance in over five years, a British Retail Consortium report said.
  • Stubborn inflation and the Middle East conflict, which lowered consumer confidence, contributed to the significant drop in retail visits.
  • Wales and Northern Ireland saw the largest declines, with footfall falling 13.8% and 14.3% on year, respectively.
 

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