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BRAZIL: Lula Joins BRICS Summit Virtually, BCB’s Campos Neto In Washington

BRAZIL
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  • Finance Minister Haddad said yesterday that the economy is growing more than last year with less fiscal stimulus, and that the economic team is working on rebuilding the fiscal base. Haddad added that there is a convergence between expenses and revenues that has not happened since 2015. Separately, BNDES chief Aloizio Mercadante said that the economy needs to grow to face the fiscal challenges it faces, adding that BNDES is paying more than BRL 40bn in dividends to the Treasury to do its part in solving these challenges.
  • In other news, Agriculture Minister Carlos Favaro said that Brazil should join China’s Belt and Road Initiative to counter increasing protectionism from the US and EU. Favaro said that protectionist measures must be countered with the expansion of the range of trading partners.
  • Today’s data calendar is light, ahead of tomorrow’s IPCA-15 figures, with just FGV IPC-S CPI data crossing at 1200BST(0700ET). On the political front, President Lula will join the BRICS summit in Russia virtually, while BCB Governor Campos Neto remains in Washington, where he will have various meetings during the day, including the G-20 Finance Ministers and Central Bank Presidents Meeting at 2330BST(1830ET).
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  • Finance Minister Haddad said yesterday that the economy is growing more than last year with less fiscal stimulus, and that the economic team is working on rebuilding the fiscal base. Haddad added that there is a convergence between expenses and revenues that has not happened since 2015. Separately, BNDES chief Aloizio Mercadante said that the economy needs to grow to face the fiscal challenges it faces, adding that BNDES is paying more than BRL 40bn in dividends to the Treasury to do its part in solving these challenges.
  • In other news, Agriculture Minister Carlos Favaro said that Brazil should join China’s Belt and Road Initiative to counter increasing protectionism from the US and EU. Favaro said that protectionist measures must be countered with the expansion of the range of trading partners.
  • Today’s data calendar is light, ahead of tomorrow’s IPCA-15 figures, with just FGV IPC-S CPI data crossing at 1200BST(0700ET). On the political front, President Lula will join the BRICS summit in Russia virtually, while BCB Governor Campos Neto remains in Washington, where he will have various meetings during the day, including the G-20 Finance Ministers and Central Bank Presidents Meeting at 2330BST(1830ET).