For five months in a row, foreign capital has flowed out.

Julio Gutiérrez

La Jornada Newspaper, Tuesday, September 23, 2025, p. 21

In August, international investors sold positions in Mexican government-backed bonds totaling 10.8 billion pesos, marking five consecutive months of foreign capital outflows, according to official information from the Bank of Mexico (BdeM).

Thus, foreign investors, as of the end of the eighth month, held Mexican government bonds totaling 1.77 trillion pesos, according to official figures.

The outflow of foreign capital comes at a time when financial markets are facing heightened instability stemming from the trade policies implemented by U.S. President Donald Trump.

Information from the BdeM indicates that a total of 62 billion pesos in foreign inflows has been recorded for the eight months of the year.

Bonds abound

Data from the BdeM indicate that in August, Udibonos fell by 35.4 billion pesos, while Treasury Bonds (Cetes) decreased by 1.7 billion pesos.

Meanwhile, there was an increase of 25.9 billion pesos in bonds from foreign investors.

At the same time, a withdrawal of $66 million was recorded in Bondes D.

As a result, up to the eighth month, 81.3 percent of foreign positions in government securities are in bonds, 11.8 percent in Cetes, 6.2 percent in Udibonos, and the remainder in Bondes D.

The figures, month by month

According to the data, there was a loss of 29.2 billion pesos in January. In February and March, 49.1 and 17.2 billion pesos entered the country, respectively.

Then the outflow began: in April it was 27.8 billion pesos; in May it was 46.4 billion pesos; in June it was 4.9 billion pesos; and in July it was 9 billion pesos.

The trend will continue moderately.

In an analysis, Kapital economists believe that the outflow of foreign capital will continue at a moderate rate for the remainder of the year.

"The trend for the rest of the year could be one of moderate outflows, as we have seen over the past 18 months. As long as there is no sharp drop in interest rates in the United States, we will continue to see limited interest in Mexican sovereign debt, particularly from foreign investors."

They mentioned that it is possible that with the dollar's loss of value in recent weeks, people may turn to safer investments such as gold, "and despite a more favorable investment environment in emerging markets, particularly in Mexico, we have not seen a greater appetite for sovereign assets."

▲ At the end of the day, the dollar traded below 19 pesos. Photo by María Luisa Severiano

Clara Zepeda

La Jornada Newspaper, Tuesday, September 23, 2025, p. 21

Optimism over Nvidia's announced investment in artificial intelligence (AI) and the renewed push for expansionary policy by the Federal Reserve (Fed) have fueled a shift toward higher-risk financial instruments, benefiting from the Mexican peso and the domestic and U.S. stock markets.

The Mexican peso appreciated 0.19 percent daily, closing at 18.3526 per spot dollar, after two sessions of losses, and remains around the levels seen in July of last year.

According to data from the Bank of Mexico, the exchange rate ranged from a high of 18.440 units per dollar to a low of 18.3490 in the wholesale market.

It's worth noting that speculative futures contracts favoring the peso rose to their highest levels since June 2024, raising expectations of the Mexican currency's resilience.

Mexican peso futures contracts on the Chicago Mercantile Exchange (CME) for the week of September 12-19 showed a weekly increase of 5.83 percent, as the number of contracts traded by speculators rose to 78,000 from 73,700 the previous week, thus reaching the highest level since June of last year (119,000 contracts).

Likewise, as gold reached a new record, the Mexican currency benefited from the dollar's weakness, falling 0.33 percent to 96.95 units, according to the DXY index, which measures the U.S. currency's performance against a basket of six international currencies.

BMV, close to record level

The Mexican Stock Exchange (BMV) again approached record levels, gaining 1.31 percent, equivalent to 803.84 points, to close at 62,041.11 points. It has accumulated a gain of 25.2 percent so far this year.

The increase was driven by gains in the shares of Peñoles (6.13 percent), Megacable (5.31) and Grupo México (2.59), while Genomma Lab, Walmex and Grupo Carso were the most backward, with falls of 4.11, 1.66 and 1.58 percent, respectively.

Meanwhile, Wall Street hit another all-time high, as Nvidia will invest $100 billion in OpenAI, owner of ChatGPT, for the development of AI computing. The Nasdaq advanced 0.70 percent to 22,788.98 points; the S&P 500 gained 0.44 to reach 6,693.77 points, its 28th highest of the year, and the Dow Jones gained 0.14 percent to 46,381.54.

Finally, oil prices posted slight losses at the close of trading after Iraq saw an increase in its exports amid concerns about lower crude demand.

Julio Gutiérrez

La Jornada Newspaper, Tuesday, September 23, 2025, p. 21

Yesterday, Grupo HIR announced the acquisition of Creditaria México, a company specializing in consulting and marketing financial products, primarily mortgage loans, with a national presence through a network of more than 1,000 franchises and 2,000 advisors.

With this transaction, HIR reported, the company seeks to consolidate its participation in the mortgage market and strengthen its relationship with banking institutions.

"We want Creditaria to be the best platform for financial advisory services and distribution in Mexico. Our commitment is to be the trusted partner of all the institutions we work with, promoting relationships and providing loans with the best experience for clients and advisors," said Daniel González, partner and director of Grupo HIR.

According to the company's own data, currently one in seven mortgage loans issued by banks in Mexico—approximately 14 percent of the market—is managed through Creditaria advisors.