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Alckmin Inauguration and Press Conference, S&P PMI Data

BRAZIL
  • Vice-president Geraldo Alckmin to be sworn-in as Industry Minister in a ceremony to take place at Presidential Palace at 11am Brasilia time. Finance Ministry Fernando Haddad will also attend the event and Alckmin is scheduled to hold a press conference after the event.
  • Data released today:
    • S&P GLOBAL BRAZIL DEC. COMPOSITE PMI AT 49.1 VS 49.8 PRIOR
    • S&P GLOBAL BRAZIL DEC. SERVICES PMI AT 51 VS 51.6 PRIOR
  • Brazil’s economic team discussed Tuesday a proposal that seeks to balance the country’s budget by cutting expenses and increasing revenue. The plan would result in a budget gain of 223 billion reais ($40 billion), or 2.08% of GDP, in 2023. Estadao were first to publish the news with the finance ministry commenting that the plans at this stage are embryonic.
  • Separately, Brazil’s new fiscal framework to be presented by Finance Minister Fernando Haddad’s team will offer clear and predictable rules, according to Deputy Finance Minister Gabriel Galípolo in an interview with GloboNews.

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