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April Retail Sales Due At 1300BST / 0800ET

BRAZIL
  • Planning Minister Simone Tebet said yesterday that a budget freeze is something that can be used to achieve the government’s 2024 zero deficit fiscal target. She said that mandatory spending is unsustainable and that the payroll tax exemption needs a revenue compensation, following the news this week that the Senate had returned to the government the provisional measure that curbs the use of tax credits to offset the cost of an exemption from payroll levies.
  • In other news, Saudi Arabia’s Public Investment Fund said it is targeting investments of around BRL 50bn in railway and highway projects in Brazil. The government also hopes to raise BRL 25-30bn in funds through renegotiations on concessions carried out with companies, including Vale. The funds will be allocated to new railway projects and would help to leverage BRL 200bn in investments with the private sector.
  • Today, retail sales are expected to rise by 1.7% m/m in April, following no change in March (1300BST/0800ET). In annual terms, sales growth is expected to moderate to 3.9% y/y, from 5.7%.
    • April Retail Sales YoY, est. 3.9%, prior 5.7%
    • April Retail Sales Broad YoY, est. 7.3%, prior -1.5%
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