FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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BRAZIL: President Lula Highlights His Administration's Responsibility

BRAZIL
  • "LULA SAYS HIS GOVT HAS RESPONSIBILITY, ECONOMY WILL NOT 'CRASH'" (BBG)
  • President Lula continuing to strike a more prudent tone, which together with the administration’s actions this week have helped Brazilian assets rebound strongly. As a reminder, finance minister Haddad announced that President Lula has ordered compliance with the fiscal framework as well as a cut of R$25.9 billion in mandatory expenses, which will be made in relation to the 2025 Budget.
  • USDBRL is currently edging towards the lowest level of the week, and is down an impressive 3.85% from the Tuesday peak. Price action narrows the gap to initial support at 5.4622, the 20-day EMA, which was tested at today’s open prior to the US employment data. Below here, the 50-day EMA lies at 5.3243.
  • Focus survey expectations highlight on Monday, before June IPCA inflation data crosses Wednesday.
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