Mexico's new finance minister does not see impending recession

Mexico's new Finance Minister Arturo Herrera said on Tuesday that he does not see an impending recession, despite a contraction in Latin America's second-largest economy during the first quarter and analysts' expectations of further weakness.

"I don't see a recession around the corner ... I see that there has been a slowdown on a global level but we are very, very far from thinking that we are close to a recession," Herrera told reporters, in his first press conference since being named finance minister.

His predecessor Carlos Urzua resigned on Tuesday with a letter that shocked markets by citing "extremism" in economic policy, before President Andres Manuel Lopez Obrador quickly named well-regarded deputy minister Herrera to replace him.