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Credit Measures To Be Announced, Local Assets Hard Hit On Wednesday

BRAZIL
  • Treasury secretary Rogerio Ceron and Economic Reforms secretary Marcos Pinto hold a press conference to announce structural measures for credit and guarantees for public-private partnerships. Last week, Finance Minister Fernando Haddad said that the government would launch 14 new credit measures this week. The press conference will take place at 1300BST/0900 local in Brasilia.
  • Both the Brazilian real and local equities closed sharply lower on Wednesday, with USDBRL notably closing back above initial firm resistance at the 20-day EMA.
  • Analysts highlighted that details of the fiscal framework bill acted as a drag, combined with Wednesday’s resignation of the Institutional Security Cabinet Minister, General Marco Edson Goncalves Dias.
    • Video evidence emerged suggesting that the current government may have purposely left January protests uncontained to further its rhetoric against opposition parties. Citi noted that this remains a fluid situation, with many unknowns still left, and the GSI Minister's resignation complicates matters further.
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