Falling oil a factor

The International Monetary Fund lowered its outlook for Mexico this year and next.

This year's forecast is fractionally lower at 2.25% growth compared to 2.3% earlier this year. In 2016, the forecast was cut to 2.5% from 2.8%.

They say accommodative monetary policy remains appropriate.

It's another sign of the struggle in emerging markets. In the long-term, I'm a big bull on Mexico. The drug wars will end, corruption will diminish and it's perfectly placed to benefit from globalization and trade with the United States.