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Lower House Vote Punted to Next Week, Delaying Fiscal Progress

BRAZIL
  • The lower house yesterday postponed scheduled voting on the text of the fiscal framework - and instead will vote next week. Estado wrote that the decision followed a meeting of leaders at the house of Speaker Lira yesterday, and followed a presentation from rapporteur Cajado to party leaders.
  • Following the delay, President Lula has called for party loyalty in the ongoing discussions, while the house Speaker pledged to stop the President from taking 'backward steps' on economic reform.
  • Petrobras have unveiled a new pricing strategy - as speculated in weekend press - and will no longer use import-priced oil grades as a benchmark for setting fuel prices. The new policy should result in the pass-through of international fuel price volatility being more muted, putting downward pressure on domestic fuel inflation.
  • Elsewhere, President Lula is said to have sent the names of new central bank directors to the Senate. Markets await further details of the candidates.
  • BCB President Neto has cancelled his day's agenda on medical advice, keeping focus on Haddad's IMF meetings and Lula's public events Tuesday.
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