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BRAZIL: Hoffmann Will Support Haddad’s Economic Agenda, January IP Due

BRAZIL
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  • Gleisi Hoffmann, the country’s new Institutional Relations Minister, pledged to support Finance Minister Haddad’s economic reform agenda in a speech at her inauguration yesterday. Hoffmann said that she would work with all ministers to execute the government programmes and lead its political negotiations with Congress. She also said she would build a sustainable support base for approval of the 2025 budget bill, which should be voted on in Congress next week. On income tax reform, she said that the plan to exempt salaries of up to 5,000 reais from income taxes will help millions, with “absolute fiscal neutrality”.
  • On the data front, industrial production figures for January will be released at 1200GMT(0800ET), with analysts expecting production to have risen by 0.4% m/m, following a 0.3% decline in December. In annual terms industrial production growth is seen improving to 2.3% y/y, from 1.6%.
    • Jan. Industrial Production YoY, est. 2.3%, prior 1.6%
    • Jan. Industrial Production MoM, est. 0.4%, prior -0.3%
  • Meanwhile, BCB Governor Galipolo has a meeting with Li Qi, Minister Counsellor of the Chinese Embassy, and other Chinese Embassy officials in Brazil at 1400GMT(1000ET).
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  • Gleisi Hoffmann, the country’s new Institutional Relations Minister, pledged to support Finance Minister Haddad’s economic reform agenda in a speech at her inauguration yesterday. Hoffmann said that she would work with all ministers to execute the government programmes and lead its political negotiations with Congress. She also said she would build a sustainable support base for approval of the 2025 budget bill, which should be voted on in Congress next week. On income tax reform, she said that the plan to exempt salaries of up to 5,000 reais from income taxes will help millions, with “absolute fiscal neutrality”.
  • On the data front, industrial production figures for January will be released at 1200GMT(0800ET), with analysts expecting production to have risen by 0.4% m/m, following a 0.3% decline in December. In annual terms industrial production growth is seen improving to 2.3% y/y, from 1.6%.
    • Jan. Industrial Production YoY, est. 2.3%, prior 1.6%
    • Jan. Industrial Production MoM, est. 0.4%, prior -0.3%
  • Meanwhile, BCB Governor Galipolo has a meeting with Li Qi, Minister Counsellor of the Chinese Embassy, and other Chinese Embassy officials in Brazil at 1400GMT(1000ET).