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Government Pressed to Act Further on Fuel Prices

BRAZIL
  • Senator Bezerra late yesterday said that he would hold discussions with economy minister Guedes to go over the possibility of compensation from the Federal Government for a drop in states’ tax collection due to a change in the ICMS tax rules. Bezerra also added that he will raise questions to find out whether the government will present suggestions to reduce fuel prices.
  • Itau have raised their 2022 GDP forecast for Brazil, and now see 1.6% growth this year vs. their prior forecast of 1.0%. They still expect economic activity to weaken across H2, with falling household incomes and tight monetary policy weighing on growth. 2023 forecasts were held unchanged at 0.2%.
  • Valor write that Argentina are to increase their imports of Brazilian energy products by over 250%. The piece adds that the impact could be seasonal, as Argentina have a high demand for energy in this period due to inclement weather conditions.
  • Folha reports that the government are to release a 4th dose of the COVID vaccine for those aged 50 and over as well as health workers across Brazil.
  • April industrial production data is due in around 45 minutes’ time, with markets expecting a M/M rise of 0.1% and a Y/Y drop of 0.7%.
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