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BRAZIL: Haddad Says Structural Expenses Must Be Addressed, Vale Q3 Output Report

BRAZIL
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  • The government is preparing spending containment measures to be presented after the second round of municipal elections according to Reuters, citing two sources from the Finance Ministry. An initial package should address specific expenses, according to the report, while a second package will have structural and tougher proposals. The report comes as Finance Minister Haddad also said in an interview with Folha that resolving the country’s spending dynamics is urgent. Haddad said that it’s necessary to address structural expenses that will compromise the fiscal accounts in the future.
  • On the data front, formal job creation figures for September are expected some time in the coming sessions, possibly today. Meanwhile, Vale is set to disclose its quarterly sales and production report after the market closes. Iron ore production is expected to reach 85.92m tons in Q3, according to Bloomberg.
  • Separately, Finance Minister Haddad has various meetings in Brasilia, including with Planning and Budget Minister Simone Tebet at 1930BST(1430ET). Meanwhile, a pre-recorded video with BCB Governor Campos Neto will be released at the Uqbar Day 2024 event at 1300BST(0800ET).
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  • The government is preparing spending containment measures to be presented after the second round of municipal elections according to Reuters, citing two sources from the Finance Ministry. An initial package should address specific expenses, according to the report, while a second package will have structural and tougher proposals. The report comes as Finance Minister Haddad also said in an interview with Folha that resolving the country’s spending dynamics is urgent. Haddad said that it’s necessary to address structural expenses that will compromise the fiscal accounts in the future.
  • On the data front, formal job creation figures for September are expected some time in the coming sessions, possibly today. Meanwhile, Vale is set to disclose its quarterly sales and production report after the market closes. Iron ore production is expected to reach 85.92m tons in Q3, according to Bloomberg.
  • Separately, Finance Minister Haddad has various meetings in Brasilia, including with Planning and Budget Minister Simone Tebet at 1930BST(1430ET). Meanwhile, a pre-recorded video with BCB Governor Campos Neto will be released at the Uqbar Day 2024 event at 1300BST(0800ET).