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Lula Meets President Boric, BCB Focus Survey, July Services PMI Due

BRAZIL
  • President Lula will meet his Chilean counterpart Gabriel Boric in Santiago from 1500BST(1000ET) today, according to a statement from the Presidential Palace.
  • On the data front, the BCB will publish its weekly Focus survey at 1225BST(0725ET), with attention on the continued increase in inflation expectations. Last week, analysts CPI forecasts for 2024 year-end rose by 5bp to 4.10%, while those for end-2025 increased to 3.96%. The Focus survey will be followed by July services and composite PMI data at 1400BST.
    • July S&P Global Brazil Composite PMI, prior 54.1
    • July S&P Global Brazil Services PMI, prior 54.8
  • Meanwhile, President Lula has approved a green hydrogen bill, which will seek to attract and encourage investment in the production of low-carbon hydrogen and its derivatives, according to an extra edition of the Official Gazette published Friday. However, Lula vetoed language that would have granted certain tax credits, after consultations with the finance ministry and chief of staff.

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