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BRAZIL: July Economic Activity, Finance Ministry’s Macrofiscal Bulletin Due

BRAZIL
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  • The BCB will release its monthly economic activity data at 1300BST(0800ET), with the market expecting activity to have fallen by 0.7% m/m in July, following a 1.37% m/m gain in June. In annual terms, economic growth is expected to have picked up to 4.8% y/y, from 3.18%. This will be one of the last major data releases ahead of next week’s Copom meeting, when policymakers are expected to deliver a 25bp hike to 10.75%.
    • July Economic Activity YoY, est. 4.80%, prior 3.18%
    • July Economic Activity MoM, est. -0.70%, prior 1.37%
  • Meanwhile, the Finance Ministry is due to unveil new estimates for GDP and inflation in its September Macrofiscal Bulletin at 1830BST(1330ET). Finance Minister Haddad has said several times this week that he expects 2024 GDP growth to be above 3%.
  • Separately, Haddad has a meeting with Vale’s CFO and incoming CEO Gustavo Pimenta at 1400BST(0900ET).
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  • The BCB will release its monthly economic activity data at 1300BST(0800ET), with the market expecting activity to have fallen by 0.7% m/m in July, following a 1.37% m/m gain in June. In annual terms, economic growth is expected to have picked up to 4.8% y/y, from 3.18%. This will be one of the last major data releases ahead of next week’s Copom meeting, when policymakers are expected to deliver a 25bp hike to 10.75%.
    • July Economic Activity YoY, est. 4.80%, prior 3.18%
    • July Economic Activity MoM, est. -0.70%, prior 1.37%
  • Meanwhile, the Finance Ministry is due to unveil new estimates for GDP and inflation in its September Macrofiscal Bulletin at 1830BST(1330ET). Finance Minister Haddad has said several times this week that he expects 2024 GDP growth to be above 3%.
  • Separately, Haddad has a meeting with Vale’s CFO and incoming CEO Gustavo Pimenta at 1400BST(0900ET).