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April Industrial Production, May Services PMI Data Due

BRAZIL
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  • The government said it will issue a provisional measure to offset the cost of the payroll tax break as it strives to remain on course to meet its primary fiscal target this year. The measure will limit tax credit compensation for companies, the Finance Ministry said, which will have a fiscal impact of BRL 29.2bn, covering the BRL 26.3bn cost of the decision to gradually end the exemption.
  • On the data front, industrial production is expected to fall by 0.4% m/m in April, following a 0.9% m/m gain the month before (1300BST / 0800ET). In annual terms, analysts expect growth to rebound to +8.7% y/y, from -2.8%. May services and composite PMI data will then follow at 1400BST.
    • April Industrial Production YoY, est. 8.7%, prior -2.8%
    • April Industrial Production MoM, est. -0.4%, prior 0.9%
    • May S&P Global Brazil Services PMI, prior 53.7
  • Meanwhile, Finance Minister Haddad is attending a conference in Rome today, titled “Addressing the debt crisis of the Global South”. He will also meet with Giancarlo Giorgetti, Minister of Economy and Finance of Italy at 1145BST(0645ET).
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  • The government said it will issue a provisional measure to offset the cost of the payroll tax break as it strives to remain on course to meet its primary fiscal target this year. The measure will limit tax credit compensation for companies, the Finance Ministry said, which will have a fiscal impact of BRL 29.2bn, covering the BRL 26.3bn cost of the decision to gradually end the exemption.
  • On the data front, industrial production is expected to fall by 0.4% m/m in April, following a 0.9% m/m gain the month before (1300BST / 0800ET). In annual terms, analysts expect growth to rebound to +8.7% y/y, from -2.8%. May services and composite PMI data will then follow at 1400BST.
    • April Industrial Production YoY, est. 8.7%, prior -2.8%
    • April Industrial Production MoM, est. -0.4%, prior 0.9%
    • May S&P Global Brazil Services PMI, prior 53.7
  • Meanwhile, Finance Minister Haddad is attending a conference in Rome today, titled “Addressing the debt crisis of the Global South”. He will also meet with Giancarlo Giorgetti, Minister of Economy and Finance of Italy at 1145BST(0645ET).