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BRAZIL: Lula Speaks, BCB Focus Survey, November Current Account, FDI

BRAZIL
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  • The Finance Ministry has reduced its forecast of budget savings from the government’s austerity plan to BRL 69.8bn, after the Senate approved a watered-down version of the programme on Friday. This is BRL 2.1bn below the previous estimate. Finance Minister Haddad said that the austerity plan was nearly unscathed and that the approved plan reduced potential savings by less than feared.
  • Meanwhile, President Lula is due to speak in a national TV broadcast at 2330GMT(1830ET) today, according to Estado, in which he is expected to make an assessment of his two-year old government.
  • The BCB will publish its usual weekly Focus survey at 1125GMT(0625ET), with attention on analyst Selic rate expectations, which continue to rise amid the recent pressure on BRL. November current account and FDI figures will also cross at 1130GMT, with the current account deficit expected to narrow to $3.4bn.
    • Nov. Foreign Direct Investment, est. $6b, prior $5.72b
    • Nov. Current Account Balance, est. -$3.4b, prior -$5.88b
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  • The Finance Ministry has reduced its forecast of budget savings from the government’s austerity plan to BRL 69.8bn, after the Senate approved a watered-down version of the programme on Friday. This is BRL 2.1bn below the previous estimate. Finance Minister Haddad said that the austerity plan was nearly unscathed and that the approved plan reduced potential savings by less than feared.
  • Meanwhile, President Lula is due to speak in a national TV broadcast at 2330GMT(1830ET) today, according to Estado, in which he is expected to make an assessment of his two-year old government.
  • The BCB will publish its usual weekly Focus survey at 1125GMT(0625ET), with attention on analyst Selic rate expectations, which continue to rise amid the recent pressure on BRL. November current account and FDI figures will also cross at 1130GMT, with the current account deficit expected to narrow to $3.4bn.
    • Nov. Foreign Direct Investment, est. $6b, prior $5.72b
    • Nov. Current Account Balance, est. -$3.4b, prior -$5.88b