MNI China Daily Summary: Friday, February 21

MNI: UK FEB FLASH MANUF PMI 46.4 (FCST: 48.5); JAN 48.3

MNI BOK WATCH: Board To Ease Base Rate To 2.75%

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MNI: EUROZONE FEB FLASH MANUF PMI 47.3 (FCST: 47.0); JAN 46.6

MNI: GERMANY FEB FLASH MANUF PMI 46.1 (FCST: 45.5); JAN 45.0

MNI: FRANCE FEB FLASH MANUF PMI 45.5 (FCST: 45.3); JAN 45.0

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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BRAZIL: Bolsonaro Denies Accusations, Vale Conference Call Scheduled

BRAZIL
BulletEM BulletEmerging Market News
  • Brazil’s former President Jair Bolsonaro has denied accusations that he orchestrated a coup to stay in office. Bolsonaro said the charges were the result of an authoritarian regime manufacturing “internal enemies.” President Lula stated the current stage was “only the indictment” and said Bolsonaro and the other 33 people facing charges of plotting a coup would have every right to defend themselves.
  • USDBRL rallied 0.66% on Wednesday with some citing the Bolsonaro developments as a potential factor weighing on the Real. Overall, sentiment was more likely impacted by some broader weakness across emerging market peers such as the MXN and ZAR. Additionally, the Brazilian Real has been the best performing global currency this year, with moderate corrections unsurprising at this juncture. 5.6340 remains a key support for USDBRL.
  • President Lula has been speaking to a local radio station Tupi FM this morning, most recently highlighting that inflation is fairly under control. Separately, Vale will hold conference call with analysts on Thursday in Portuguese and English, following the release of its 4Q24 results. 
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  • Brazil’s former President Jair Bolsonaro has denied accusations that he orchestrated a coup to stay in office. Bolsonaro said the charges were the result of an authoritarian regime manufacturing “internal enemies.” President Lula stated the current stage was “only the indictment” and said Bolsonaro and the other 33 people facing charges of plotting a coup would have every right to defend themselves.
  • USDBRL rallied 0.66% on Wednesday with some citing the Bolsonaro developments as a potential factor weighing on the Real. Overall, sentiment was more likely impacted by some broader weakness across emerging market peers such as the MXN and ZAR. Additionally, the Brazilian Real has been the best performing global currency this year, with moderate corrections unsurprising at this juncture. 5.6340 remains a key support for USDBRL.
  • President Lula has been speaking to a local radio station Tupi FM this morning, most recently highlighting that inflation is fairly under control. Separately, Vale will hold conference call with analysts on Thursday in Portuguese and English, following the release of its 4Q24 results.