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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
BRAZIL
- The Brazilian government have apparently agreed to change the spending cap in order to make room for 83.6b reais in additional expenses next year, O Estado de S.Paulo newspaper reports without revealing how it obtained the information.
- The agreement was supposed to have been closed this Thursday morning between political and economic wings. The proposal is to change the spending cap formula, adjusting it to inflation from Jan.-Dec. which provides an extra slack of 40b reais, the newspaper says citing unnamed sources.
- Swap rates have extended their ascent with Jan'23 DI's currently up 80 basis points.
- Local equities have also seen significant selling pressure. The Ibovespa Index is down 3.45% and has just breached the 2021 lows. This marks the second +3% decline in three days. Petrobras, Vale have slumped at least 4% to day's lows.
- Latest headline: *BRAZIL PRECATORIOS BILL REPORT TO REVIEW SPENDING CAP RULES (BBG)
MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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