Mexico's export model is broken

The Business Outlook Survey was conducted by in-person, video and phone interviews from November 6 to 26, 2025. The Business Leaders’ Pulse is conducted online every month; the latest results are from October, November and December 2025. This quarter’s publication also includes results from special consultations with business leaders and industry experts in the oil and gas sector. Overview • Business sentiment is subdued but remains above its survey low from the second quarter of 2025. • Firms reported that sales growth has been weak over the past year largely due to the economic effects of trade tensions. They expect sales growth to improve slightly going forward. • Export sales growth is expected to be modest. A small but increasing share of businesses reported higher sales to non-US markets in response to trade tensions with the United States. Canadian Survey of Consumer Expectations—Fourth Quarter of 2025 The Canadian Survey of Consumer Expectations was conducted through an online panel from October 30 to November 18, 2025. Follow?up phone interviews took place from November 21 to 27, 2025. Overview • Concerns over high prices and economic uncertainty related to the trade conflict continue to have a negative impact on consumers. • In this quarter’s survey, consumers perceived a higher likelihood of missing a debt payment and a slightly greater chance of losing their job. In this context, consumers reported weaker spending plans. Still, they perceive a greater chance than last quarter of finding a job or voluntarily leaving their job. BoC Overall Business Outlook Survey Q4: -1.8 (prev -2.3) - Business Outlook Future Sales: 13.00 (prev -2.00) Breaking | Bank of Canada’s Q4 business outlook survey indicates weakened sentiment and sluggish sales growth over the past year. BoC Survey: 22% of firms expect Canada to be in a recession over the next year, down from 33% in Q3.

Finland's President Stubb: The EU has several tools that can lead to US threats on tariffs being withdrawn.