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  • Significant deterioration in local asset prices on Tuesday as markets grappled with the more realistic possibility of a significant spending cap breach relating to the proposed expansion of the welfare program.
  • USDBRL rose around 1.5% to the highest level since April and DI swap rates soared higher with the belly of the curve shifting around 60 basis points throughout the session. Additionally, the BOVESPA Index closed down 3.28% to 110672.76, representing the largest one day point and percentage decline since September 8.
  • Just minutes before the official release of the expanded plan, the event was suspended, a spokesperson for the citizenship ministry said, however there was no retracement for local assets.
  • USDBRL has opened close to yesterdays close just below 5.60 and the next target on the topside is 5.6428, 76.4% of the Mar - Jun downleg.
  • The central bank will continue intervening, set to auction up to 10,000 FX swaps on Wednesday at 9:30-9:40am
  • Brazilian state-run power firm Eletrobras received an official letter from the Mines and Energy Ministry informing that the government's CPPI board unanimously approved the company's privatization model, it says in a securities filing. (Bloomberg)