This number combined with the other high numbers is going to force the government to keep interest rates high and make sure the budget is austere for the next year. High rates are bad news for equity holders.
In general, the passage of the budget is expected to go smoothly, given it contains little that is new or controversial.
The face that presents the news is in a sense the brand of the news.
Investors are sitting on profits in Mexico and are taking them now, given the nervousness in Argentina. I do not think this signals a fundamental change in the long-term trend in Mexico.
Personal expenditure must not be charged to company credit cards.
Mexico would become a safe haven should the situation worsen in Argentina.
The market is taking it positively, it's rallying since this number came in.
While there is evidence that GDP growth has touched bottom, the recent tax increases on certain consumer goods, electricity and metro price hikes, more moderate real wage rises, and rising unemployment are probably going to impact consumption in 2002.
One of the things we have to reflect on is whether we need some clearer demarcations so that if someone is in the building they know they are in a secure space, ... I don't think it is a big issue but I expressed a reservation to Bill about that and I will take it up with him on Monday.
Most ordinary members of the public... neither understand nor care about the ratings battle, we of course do, because for us it is life or death.
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