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MNI: UK AUG FINAL MANUFACTURING PMI 52.5 (FLASH: 52.5); JUL: 52.1

MNI: ITALY Q2 FINAL GDP  +0.2% Q/Q (+0.2% FCST)

MNI: EUROZONE AUG FINAL MANUFACTURING PMI 45.8 (FLASH: 45.6); JUL: 45.8

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

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BRL Slumps Ahead Of Copom Meeting

BRAZIL
  • USDBRL rose over 2.5% on Monday amid the broad selloff in risk assets. Markets continue to react to US inflation data that has sent global yields surging and prompted adjustments for a more aggressive policy response from the Federal Reserve.
    • The faltering Real and expectations for larger Fed hikes may provide an obstacle for the Brazil central bank who may have intended to signal an end to the tightening cycle in their statement on Wednesday.
    • As of writing, the majority of surveyed analysts are expecting a 50bp hike of the selic rate to 13.25%. However, two are calling for a bolder 75bp hike. The focus will be on the Copom’s guidance as to whether they foresee further tightening as necessary in coming meetings.
    • Our full preview will be published later today.
  • Services sector volume probably rose by 10.5% y/y in April, according to economists surveyed by Bloomberg, after a 11.4% increase in the prior reading. National statistics agency IBGE releases report at 1300BST/0800ET.
  • Caio Paes de Andrade, appointed as new Petrobras’s CEO, and Marfrig CEO Miguel Gularte attend Brasil Investment Forum panel.
  • President Jair Bolsonaro and Economy Minister Paulo Guedes attend public event at B3 Exchange.
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