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BRAZIL: IPCA-15 Inflation, August Current Account, Formal Job Creation Due

BRAZIL
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  • Treasury Secretary Rogerio Ceron said yesterday that the government’s 2024 fiscal result will be better than investor expectations, as he announced that the economic team will cancel part of the BRL 40.5bn in spending that was excluded from this year’s fiscal target. The amount could be as much as BRL 10bn and would improve the primary fiscal position. Ceron also said that the government could tap international markets this year.
  • On the data front, IPCA-15 inflation data for the first half of September are due at 1300BST(0800ET), with the market expecting the headline rate to edge down to 4.29% y/y, from 4.35%. Ahead of these data at 1230BST(0730ET), August current account and FDI figures will cross, with the current account deficit expected to remain steady around $5bn. Later today, August formal job creation data are also due.
    • Sept. IBGE Inflation IPCA-15 YoY, est. 4.29%, prior 4.35%
    • Sept. IBGE Inflation IPCA-15 MoM, est. 0.28%, prior 0.19%
  • Meanwhile, President Lula will attend the G-20 Foreign Affairs summit in New York today, while Finance Minister Haddad is due to speak at the J. Safra Brazil Conference 2024 at 2100BST(1600ET).
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  • Treasury Secretary Rogerio Ceron said yesterday that the government’s 2024 fiscal result will be better than investor expectations, as he announced that the economic team will cancel part of the BRL 40.5bn in spending that was excluded from this year’s fiscal target. The amount could be as much as BRL 10bn and would improve the primary fiscal position. Ceron also said that the government could tap international markets this year.
  • On the data front, IPCA-15 inflation data for the first half of September are due at 1300BST(0800ET), with the market expecting the headline rate to edge down to 4.29% y/y, from 4.35%. Ahead of these data at 1230BST(0730ET), August current account and FDI figures will cross, with the current account deficit expected to remain steady around $5bn. Later today, August formal job creation data are also due.
    • Sept. IBGE Inflation IPCA-15 YoY, est. 4.29%, prior 4.35%
    • Sept. IBGE Inflation IPCA-15 MoM, est. 0.28%, prior 0.19%
  • Meanwhile, President Lula will attend the G-20 Foreign Affairs summit in New York today, while Finance Minister Haddad is due to speak at the J. Safra Brazil Conference 2024 at 2100BST(1600ET).