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BRAZIL: Lula Ministers Meeting, BCB Focus Survey, October Current Account, FDI

BRAZIL
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  • Attention will remain on much anticipated fiscal developments in Brazil, with President Lula expected to receive the spending cut package on Monday. Lula has a meeting with ministers, including Finance Minister Haddad and Chief of Staff Rui Costa at 1300GMT(0800ET), followed by another meeting with ministers at 1830GMT.
  • According to a report on the local G1 website, the government’s spending freeze will total BRL 6.1bn, which will take the fiscal deficit near to the bottom of its 0+/-0.25% target band this year. The economics team will define fiscal measures this week to reinforce the fiscal framework.
  • Meanwhile, the BCB will publish its weekly Focus survey at 1125GMT(0625ET), which last week showed another 50bp increase in 2025 Selic rate expectations to 12.0%. This will be followed by current account and FDI figures for October at 1130GMT(0630ET). Analysts expect the current account deficit to narrow slightly to $6.2bn, while the FDI surplus comes in at round $5bn.
    • Oct. Foreign Direct Investment, est. $5b, prior $5.23b
    • Oct. Current Account Balance, est. -$6.2b, prior -$6.53b
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  • Attention will remain on much anticipated fiscal developments in Brazil, with President Lula expected to receive the spending cut package on Monday. Lula has a meeting with ministers, including Finance Minister Haddad and Chief of Staff Rui Costa at 1300GMT(0800ET), followed by another meeting with ministers at 1830GMT.
  • According to a report on the local G1 website, the government’s spending freeze will total BRL 6.1bn, which will take the fiscal deficit near to the bottom of its 0+/-0.25% target band this year. The economics team will define fiscal measures this week to reinforce the fiscal framework.
  • Meanwhile, the BCB will publish its weekly Focus survey at 1125GMT(0625ET), which last week showed another 50bp increase in 2025 Selic rate expectations to 12.0%. This will be followed by current account and FDI figures for October at 1130GMT(0630ET). Analysts expect the current account deficit to narrow slightly to $6.2bn, while the FDI surplus comes in at round $5bn.
    • Oct. Foreign Direct Investment, est. $5b, prior $5.23b
    • Oct. Current Account Balance, est. -$6.2b, prior -$6.53b