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The G20 Summit marks the conclusion of the work undertaken by the country holding the group's rotating presidency. It is the time when heads of state and government approve agreements negotiated throughout the year and discuss strategies to address global challenges.

In Brazil, the G20 Leaders' Summit is scheduled for November 18-19, 2024, in Rio de Janeiro, with the leaders of the 19 member countries, along with representatives from the African Union and the European Union, in attendance.

Mexico's economy showed resilience in Q3 2024, with GDP growing 1.5% year-over-year, slightly above expectations of 1.2% but lower than the previous quarter's 2.1%. On a quarterly basis, GDP rose by 1.0%, surpassing the forecasted 0.8% and well above last quarter's growth of 0.2%. These figures reflect moderate but steady growth, signaling stability amid external economic pressures and potential for continued recovery in the coming months.

According to the New York Post, a 14-year-old boy tragically took his own life after interacting with a chatbot based on a Game of Thrones character. The boy reportedly developed an attachment to the AI, which sent him messages encouraging him to “come home.” Screenshots shared in his mother’s lawsuit show that the chatbot asked if he “had a plan” to end his life, to which he responded that he was “considering something.” His final message to the chatbot reportedly read, “I promise I will come home to you. I love you so much, Dany.”

In September 2024, Mexico's inflation rose slower than expected, with headline inflation increasing by 0.05%, up from 0.01% in August but below the forecasted 0.10%. On an annual basis, the 12-month inflation rate eased to 4.58%, down from 4.99% in August and also below the expected 4.62%. Similarly, core inflation, which excludes volatile items like food and energy, printed at 0.28%, underperforming the estimated 0.32%.

This slower rise in inflation reflects a cooling trend in price pressures, which may influence future monetary policy decisions by the Bank of Mexico (Banxico), potentially keeping interest rates steady or encouraging a more dovish stance as inflation continues to moderate.

The Consumer Price Index (CPI) for September increased by 2.97% (MoM), surpassing the forecasted 2.2% and accelerating from 2.47% in August. On a year-over-year basis, the annual CPI came in at 49.38%, exceeding the 48.3% expectations but slightly down from the 51.97% recorded in August.

Excluding categories like Energy, Food, Beverages, Tobacco, and Gold (Ex E, F, B, T&G), inflation also rose sharply. The Ex E, F, B, T&G measure of inflation jumped by 3.6% (MoM) in September, higher than the 3.0% recorded in August. On an annual basis, it stood at 49.1%, down from 51.6% in the previous month but still significantly high.

The Bank of Mexico cut its benchmark interest rate by 25 bps for the second time in two months and signaled the possibility of further reductions as inflation eases amid weakness in the economy. Cutting rates from 10.75% to 10.50% was widely expected and priced in the markets. 

South Africa's central bank cut its main interest rate for the first time in more than four years on Thursday, as inflation is projected to remain below the midpoint of its target range in 2026. The South African Reserve Bank (SARB) lowered the repo rate by 25 basis points to 8.00%, a move that was anticipated by economists and market participants.

The Central Bank of Turkey kept its One-Week Repo Rate steady at 50.0%. After raising the rate to a record high of 50% in March 2024, Turkish policymakers decided to hold rates unchanged to control runaway inflation.

The Central Bank of Brazil (Portuguese: Banco Central do Brasil) raised the policy rate by 25 bps to 10.75%, as widely expected. Following slower inflation and weaker economic data, the BcB had been reducing interest rates from September 2023 until March 2024 as part of a program to ease strict policies. However, recent concerns about rising inflation have led to revisions in the pace of this process.

The National Bank of Ukraine has introduced new limits on foreign currency payments made with Ukrainian cards abroad. These restrictions will apply to purchasing watches and jewelry, as well as transactions with real estate agents.

Mexico's 12-month inflation rate in August was announced at 4.99%, below the forecast of 5.09% and down from 5.57% in July. The headline inflation rate, at 0.01%, was also lower than the expected 0.09% and significantly below the 1.05% recorded in July.

Mexico's core inflation rate, which registered at 0.22%, was slightly below the consensus expectation of 0.23%.

Additionally, seasonally adjusted consumer confidence in Mexico improved to 47.6 in August, up from 46.9.

A plane was damaged after a chaotic runway incident in Indonesia. A Trigana Air ATR 42-500 aircraft sustained significant damage after careering off the runway at Serui Stevanus Rumbewas Airport following an aborted takeoff for unknown reasons. All 42 passengers and six crew members were evacuated safely.