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BCB Governor Speaks In Senate, June Services Volume Data Dips

BRAZIL
  • The Finance Ministry is studying a manoeuvre to repay judicial debts on time (“Precatorios”) without breaching the limits of the new fiscal framework. This would involve classifying these payments as financial expenses and would require a constitutional amendment. (Folha)
  • BCB President Roberto Campos Neto will speak at the Senate and his remarks will be eyed after investors increased priced in odds of an acceleration of the easing cycle this year, despite the relative hawkish tone of the COPOM decision statement and minutes.
  • It is also worth noting that Petrobras was downgraded from Buy to Hold by HSBC and Citi this morning, which should weigh on the stock at the open.
  • Data just released:
    • BRAZIL JUNE SERVICES VOLUME RISES 0.2% M/M; EST. +0.5%
    • BRAZIL JUNE SERVICES VOLUME RISES 4.1% Y/Y; EST. +4.2% (BBG)
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