๐ŸŒฎ Mexico Stock Index Up 18%. $100M+ VC Funding.

Impact Capital Markets #59 looks at our Mexico stock index, major impact deals, M&A, and upcoming economic releases.

Yia sas ๐Ÿ›๏ธ

๐Ÿ“‰ Today's Global Economic Update: US Durable Goods Orders data indicated a 1.4% increase in February 2024 from the previous month, following a sharp decline in January. Transportation equipment, machinery, and capital goods witnessed significant rebounds.

๐ŸŒฑ Deal of the Day: Nourish, a telehealth nutrition platform provider connecting people to registered dietitians, raised a $35M Series A to develop its platform.

What's New?

  • ๐ŸŒฎ Mexico. Mexico Stock Index Up 18%
  • ๐Ÿ’ฐ Funding. Telehealth, pediatric care, heating systems & sanitation
  • ๐Ÿ’ผ M&A. IMCD acquires Gova Ingredients
  • ๐Ÿ“… Economics. Inflation, US GDP, personal income & spending + more

๐ŸŒฎ Mexico Stock Index Up 18%

HolonIQโ€™s Mexico index has risen by 18% over the past year. Economic growth has fueled investor confidence, leading to increased activity in the market. Major stocks within the index like Grupo Carso SAB de CV ($20B MCap), Grupo Financiero Banorte SAB de CV ($31B MCap), and Grupo Mรฉxico S.A.B. de C.V ($46B MCap) showed notable increases of  93%, 36% and 27% respectively.

The trend of nearshoring, where manufacturing plants relocate to Mexico, has provided continuous support to Mexico's economy, contributing to record-high levels of foreign direct investments. Mexico has capitalized on this, offering tax breaks to certain industries, a move that is expected to propel further growth, benefitting Mexico's stock market. Last week, Mexico also ended its tightening cycle, cutting interest rates by 25 basis points to 11%, a move which will direct investment away from fixed income and towards Mexico's equity market.

๐Ÿ’ฐ Funding

๐ŸŒฑ Nourish, a New York-based telehealth nutrition platform provider connecting people to registered dietitians, raised a $35M Series A to develop its platform.

๐Ÿง  InStride Health, a Massachusetts-based pediatric anxiety care provider, raised a $30M Series B from General Catalyst to expand to new markets.

๐Ÿ”ฅ Watttron, a German digital temperature control systems developer, raised a $13M Series B from the European Circular Bioeconomy Fund & Circular Innovation Fund to expand into the American and Asian markets.

โ™ป๏ธ Wase, a UK-based clean fuel start-up, raised $9.2M from Extantia Capital to scale its waste-to-energy technology.

๐Ÿ’ผ M&A

๐Ÿ›๏ธ IMCD, a Dutch chemical and food ingredients distributor, acquired Gova Ingredients, a cosmetic ingredient distributor in the Netherlands.

๐Ÿ“… Economic Calendar

Inflation, US GDP, Personal Income & Spending + More

Thursday, March 28th 2024

๐Ÿ‡บ๐Ÿ‡ธ US Core PCE Price Index Data, February
๐Ÿ‡บ๐Ÿ‡ธ US GDP Growth Data, Q4

Friday, March 29th 2024

๐Ÿ‡ซ๐Ÿ‡ท France Inflation Data (Preliminary), March
๐Ÿ‡ฎ๐Ÿ‡น Italy Inflation Data (Preliminary), March
๐Ÿ‡บ๐Ÿ‡ธ US Personal Income & Spending Data, February

Monday, April 1st 2024

๐Ÿ‡ฏ๐Ÿ‡ต Japan Tankan Large Manufacturers Index, Q1
๐Ÿ‡จ๐Ÿ‡ณ China Caixin Manufacturing PMI, March
๐Ÿ‡บ๐Ÿ‡ธ US ISM Manufacturing PMI, March

Tuesday, April 2nd 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia RBA Meeting Minutes
๐Ÿ‡ฉ๐Ÿ‡ช Germany Inflation Data (Preliminary), March
๐Ÿ‡บ๐Ÿ‡ธ US JOLTs Job Openings, February

Wednesday, April 3rd 2024

๐Ÿ‡ช๐Ÿ‡ฆ Euro Area Inflation Data, March
๐Ÿ‡บ๐Ÿ‡ธ US ISM Services PMI, March

Friday, April 5th 2024

๐Ÿ‡ฆ๐Ÿ‡บ Australia Balance of Trade Data, February
๐Ÿ‡จ๐Ÿ‡ฆ Canada Balance of Trade Data, February
๐Ÿ‡จ๐Ÿ‡ฆ Canada Employment Data, March
๐Ÿ‡บ๐Ÿ‡ธ US Employment Data, March
๐Ÿ‡จ๐Ÿ‡ฆ Canada Ivey PMI, March

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