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MNI Data Table: China Trade With Japan (May 2023)
Brazil Stock Market Extends Drop To 3.45%, IBovespa Breaches 2021 Lows
- 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)
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