MNI China Daily Summary: Thursday, July 18

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Finance Ministry To Release July Macrofiscal Bulletin

BRAZIL
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The Finance Ministry will disclose its latest macroeconomic parameters, with estimates for GDP and inflation, in its July Macrofiscal Bulletin in a press conference at 2000BST(1500ET). No macro data are due today, with focus ahead on the bimonthly Treasury report on July 22. Bloomberg reports that analysts believe the freezing of some governmental expenditures expected to be announced next week won’t be enough to meet the 2024 zero primary deficit goal. Analysts estimate the bimonthly report will include a freezing in the range of BRL 10-20bn.
  • On the political front, President Lula is due to meet with ministers, including Finance Minister Fernando Haddad and Chief of Staff Rui Costa at 1330BST(0830ET). He will hold a further meeting with key officials, including Haddad and Planning Minister Simone Tebet at 1930BST.
  • In other news, the BCB raised the limit on FX transactions by non-banks to $500,000, from $300,000, according to a statement. The measure aims to increase the efficiency and competitiveness of the FX market, creating more channels for carrying out operations, mainly to serve SMEs that operate in foreign trade.
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  • The Finance Ministry will disclose its latest macroeconomic parameters, with estimates for GDP and inflation, in its July Macrofiscal Bulletin in a press conference at 2000BST(1500ET). No macro data are due today, with focus ahead on the bimonthly Treasury report on July 22. Bloomberg reports that analysts believe the freezing of some governmental expenditures expected to be announced next week won’t be enough to meet the 2024 zero primary deficit goal. Analysts estimate the bimonthly report will include a freezing in the range of BRL 10-20bn.
  • On the political front, President Lula is due to meet with ministers, including Finance Minister Fernando Haddad and Chief of Staff Rui Costa at 1330BST(0830ET). He will hold a further meeting with key officials, including Haddad and Planning Minister Simone Tebet at 1930BST.
  • In other news, the BCB raised the limit on FX transactions by non-banks to $500,000, from $300,000, according to a statement. The measure aims to increase the efficiency and competitiveness of the FX market, creating more channels for carrying out operations, mainly to serve SMEs that operate in foreign trade.