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June Industrial Production Data, COPOM In Focus

BRAZIL
  • Industrial production is expected to have decreased 0.3% in June on a monthly basis, according to the median estimate in a Bloomberg survey, after a 0.3% increase in the month before. On a yearly comparison, industrial output likely fell by 0.2%, after rising 0.5% the month before. National statistics agency IBGE releases the report at 1300BST/0800ET.
    • Brazil’s front runner Luiz Inacio Lula da Silva attends event in Paraiba state, 5pm Brasilia time.
  • As of writing, 34/35 surveyed analysts on Bloomberg believe the BCB will hike rates by 50bps from 13.25% to 13.75% on Wednesday. Just one analyst within the survey is calling for a bolder 75bp hike.
  • The focus for market participants will be whether the BCB signal the potential need for additional hikes or if the Copom feel that necessary tightening is now complete.
  • Full preview with analyst views to be published later today.
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