MNI BRIEF: Services Inflation Falling Too Slowly - BOE Greene

MNI BRIEF: ECB Buch Warns On Protectionism And Credit Risks

MNI BRIEF: Inflation Peak 8% With No Errors- ECB's Lane

MNI BRIEF: Brazil Not In Fiscal Dominance - BCB Campos Neto

MNI NBH WATCH: Hold Expected, 2025 Outlook More Complicated

MNI China Daily Summary: Monday, November 18

MNI: US TSY TICS NET FLOWS IN SEP +$398.4B

MNI: US NAHB HOUSING MARKET INDEX 46 IN NOV

EZ/UK Bond Supply Calendar: EU Synd, UK, FI Due Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BRAZIL: Supreme Court Judges Uphold X Suspension

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • While we monitor the ongoing developments between Brazil’s Supreme Court and social media platform X, it is worth highlighting that Supreme Court Justices Flavio Dino and Cristiano Zanin on Monday joined rapporteur Alexander de Moraes to uphold the suspension.
  • As a reminder on Friday, de Moraes ordered the platform blocked for having failed to name a local legal representative, as required by law. De Moraes’ also set a daily fine of 50,000 reais ($8,900) for people or companies using virtual private networks, or VPNs, to access X.
  • The matter is being judged virtually by the so-called first panel, made up of five justices out of 11 that form the Top Court.
  • Critics of the suspension include hedge fund billionaire Bill Ackman, who has joined others in saying the ruling will likely drive away investors and harm the country.
  • USDBRL trades moderately higher today, although is off its highest levels. Front-end DI swap rates are lower following the Focus Survey confirming the expectation of a year-end Selic rate at 10.50%, contrary to growing calls for rate hikes in Brazil. Swap rate contracts further out the curve are more reflective of the political uncertainty surrounding the Supreme court and the ongoing fiscal concerns following the 2025 budget proposal.
203 words

To read the full story

Close

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.
  • While we monitor the ongoing developments between Brazil’s Supreme Court and social media platform X, it is worth highlighting that Supreme Court Justices Flavio Dino and Cristiano Zanin on Monday joined rapporteur Alexander de Moraes to uphold the suspension.
  • As a reminder on Friday, de Moraes ordered the platform blocked for having failed to name a local legal representative, as required by law. De Moraes’ also set a daily fine of 50,000 reais ($8,900) for people or companies using virtual private networks, or VPNs, to access X.
  • The matter is being judged virtually by the so-called first panel, made up of five justices out of 11 that form the Top Court.
  • Critics of the suspension include hedge fund billionaire Bill Ackman, who has joined others in saying the ruling will likely drive away investors and harm the country.
  • USDBRL trades moderately higher today, although is off its highest levels. Front-end DI swap rates are lower following the Focus Survey confirming the expectation of a year-end Selic rate at 10.50%, contrary to growing calls for rate hikes in Brazil. Swap rate contracts further out the curve are more reflective of the political uncertainty surrounding the Supreme court and the ongoing fiscal concerns following the 2025 budget proposal.