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BRAZIL: July IP, August PMI, Central Govt Budget Data Due, Haddad Interview

BRAZIL
  • Industrial production is expected to fall by 1.0% m/m in July, following a 4.1% gain the month before. Analysts expect annual IP growth to rise to 6.7% y/y, from 3.2% (1300BST/0800ET). The IP data will be followed by August services and composite PMI figures at 1400BST(0900ET), while central government budget balance data for July will be released at 1830BST(1330ET). Consensus there is for a BRL 8.6bn deficit, following a BRL 38.8bn deficit in June.
    • July Industrial Production YoY, est. 6.7%, prior 3.2%
    • July Central Govt Budget Balance, est. -8.6b, prior -38.8b
  • Meanwhile, Finance Minister Haddad is due to grant an interview with GloboNews at 1230BST(0730ET).
  • In other news, Petrobras sold $1bn of dollar-denominated notes due in 2035 yesterday, according to people familiar with the matter, at a yield of 6.25%, down from initial price talk of around 6.5%. Separately, Elon Musk’s Starlink is said to have backed down and said it would comply with an order by Brazil’s top court to block access to social media platform X.

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