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Focus on US Non-Farm Payrolls At 1330GMT

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  • Total outstanding bank loans fell by 0.3% m/m in January, in data released earlier this morning, following a +1.6% m/m increase in December. On an annual basis, outstanding loan growth eased to 7.6% y/y, from 8.1%. The personal loan default rate ticked down to 5.5%, from 5.6%. No other data releases are in the domestic calendar today, with the focus turning to the US NFP at 1330GMT (0830ET). Markets expect payrolls growth to slow to 200k from January's bumper 353k reading. The unemployment rate is expected to come in unchanged at 3.7%.
  • On the political front, Lula is scheduled to meet with public banks executives and Finance Minister Haddad at 1200GMT(0700ET).
  • In other news, Petrobras reported Q4 earnings after the market close yesterday, which missed analyst estimates, with adjusted Ebitda -8.5% y/y at R$66.85 billion (vs. est. R$74.45 billion) and net income at R$31.04 billion (vs. est. R$36.09 billion). As a result, the company announced lower shareholder payouts, with the board approving 1.10 reais a share, or 14.2 billion reais ($2.9 billion), in dividends in Q4, below analyst expectations of $3.7bn.
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  • Total outstanding bank loans fell by 0.3% m/m in January, in data released earlier this morning, following a +1.6% m/m increase in December. On an annual basis, outstanding loan growth eased to 7.6% y/y, from 8.1%. The personal loan default rate ticked down to 5.5%, from 5.6%. No other data releases are in the domestic calendar today, with the focus turning to the US NFP at 1330GMT (0830ET). Markets expect payrolls growth to slow to 200k from January's bumper 353k reading. The unemployment rate is expected to come in unchanged at 3.7%.
  • On the political front, Lula is scheduled to meet with public banks executives and Finance Minister Haddad at 1200GMT(0700ET).
  • In other news, Petrobras reported Q4 earnings after the market close yesterday, which missed analyst estimates, with adjusted Ebitda -8.5% y/y at R$66.85 billion (vs. est. R$74.45 billion) and net income at R$31.04 billion (vs. est. R$36.09 billion). As a result, the company announced lower shareholder payouts, with the board approving 1.10 reais a share, or 14.2 billion reais ($2.9 billion), in dividends in Q4, below analyst expectations of $3.7bn.