🌮 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 🏛️
📉 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.
🌱 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?
- 🌮 Mexico. Mexico Stock Index Up 18%
- 💰 Funding. Telehealth, pediatric care, heating systems & sanitation
- 💼 M&A. IMCD acquires Gova Ingredients
- 📅 Economics. Inflation, US GDP, personal income & spending + more
🌮 Mexico Stock Index Up 18%
HolonIQ’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 México 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.
💰 Funding
🌱 Nourish, a New York-based telehealth nutrition platform provider connecting people to registered dietitians, raised a $35M Series A to develop its platform.
🧠 InStride Health, a Massachusetts-based pediatric anxiety care provider, raised a $30M Series B from General Catalyst to expand to new markets.
🔥 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.
♻️ Wase, a UK-based clean fuel start-up, raised $9.2M from Extantia Capital to scale its waste-to-energy technology.
💼 M&A
🛍️ IMCD, a Dutch chemical and food ingredients distributor, acquired Gova Ingredients, a cosmetic ingredient distributor in the Netherlands.
📅 Economic Calendar
Inflation, US GDP, Personal Income & Spending + More
Thursday, March 28th 2024
🇺🇸 US Core PCE Price Index Data, February
🇺🇸 US GDP Growth Data, Q4
Friday, March 29th 2024
🇫🇷 France Inflation Data (Preliminary), March
🇮🇹 Italy Inflation Data (Preliminary), March
🇺🇸 US Personal Income & Spending Data, February
Monday, April 1st 2024
🇯🇵 Japan Tankan Large Manufacturers Index, Q1
🇨🇳 China Caixin Manufacturing PMI, March
🇺🇸 US ISM Manufacturing PMI, March
Tuesday, April 2nd 2024
🇦🇺 Australia RBA Meeting Minutes
🇩🇪 Germany Inflation Data (Preliminary), March
🇺🇸 US JOLTs Job Openings, February
Wednesday, April 3rd 2024
🇪🇦 Euro Area Inflation Data, March
🇺🇸 US ISM Services PMI, March
Friday, April 5th 2024
🇦🇺 Australia Balance of Trade Data, February
🇨🇦 Canada Balance of Trade Data, February
🇨🇦 Canada Employment Data, March
🇺🇸 US Employment Data, March
🇨🇦 Canada Ivey PMI, March
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