MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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BRAZIL: BRL May See Further Relief as Administration Nods to Spending Cuts

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • Finance Minister Haddad announced on Wednesday that President Lula has ordered compliance with the fiscal framework as well as a cut of R$25.9 billion in mandatory expenses, which will be made in relation to the 2025 Budget.
  • According to Globo reports, these amounts that will be cut correspond to a fine-tooth comb that the government has carried out in recent months to identify social spending that could be reduced.
  • Haddad also said that the measures could be brought forward depending on the federal government's revenue and expenditure report, which will be presented on July 22.
  • As noted, USDBRL ended Wednesday’s session 2.17% lower, with the Real’s relief rally potentially set to extend at Thursday’s open. On the downside, initial support to watch lies at 5.4597, the 20-day EMA.
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  • Finance Minister Haddad announced on Wednesday that President Lula has ordered compliance with the fiscal framework as well as a cut of R$25.9 billion in mandatory expenses, which will be made in relation to the 2025 Budget.
  • According to Globo reports, these amounts that will be cut correspond to a fine-tooth comb that the government has carried out in recent months to identify social spending that could be reduced.
  • Haddad also said that the measures could be brought forward depending on the federal government's revenue and expenditure report, which will be presented on July 22.
  • As noted, USDBRL ended Wednesday’s session 2.17% lower, with the Real’s relief rally potentially set to extend at Thursday’s open. On the downside, initial support to watch lies at 5.4597, the 20-day EMA.