FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

Seasonally Adjusted CPI Series: Flat Core Goods, Higher Services

EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

MNI: US BLS: JOLTS QUITS RATE 2.2% IN FEB

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Consumer Confidence Falls, Lula To Meet Uruguayan Counterpart

BRAZIL
  • A slightly above-expectation mid-month inflation release on Tuesday helped support the Brazilian real. Recent weakness for USDBRL has signalled potential for a move towards 5.0108, the Aug 29/30 low and a key support. A break of this level would represent an important bearish technical development.
  • On Tuesday, Petrobras announced an increase in gasoline prices for distributors, starting today. The average gasoline price was adjusted to BRL 3.31 per litre (a 7.5% hike). Itaú estimate that the adjustment will have a 21-bp impact on inflation, concentrated in February.
    • Separately, Petrobras’s Compliance department approved Senator Jean Paul Prates nomination as company’s CEO, CNN Brasil reported citing people with knowledge of the matter.
    • Market will be open in Sao Paulo, despite a local holiday celebrating the city’s 469th anniversary.
      • President Luiz Inacio Lula da Silva is expected to meet with Uruguay President Luis Lacalle Pou.
      • Brazil's consumer confidence fell to 85.8 in January from 88.0 in December, according to Getulio Vargas Foundation (FGV).
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