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Lula to Meet China’s Foreign Affairs Minister, Economic Activity Data Due

BRAZIL
  • USDBRL closed broadly unchanged yesterday, after twice testing levels around 4.954. With a calmer global risk environment at the end of the week, attention today may turn to domestic drivers including the government’s ongoing discussions with Congress over the payroll tax measures and economic activity data for November.
  • On the former, Haddad was due to meet with Lower House Speak Lira by the end of the week to discuss the payroll tax proposals. Senate leader Pacheco is this morning saying that Congress needs to focus on regulating tax reform and spending and should set rational spending standards. Separately, President Lula is scheduled to meet with China’s Foreign Affairs Minister Wang Yi at 1930GMT(1430ET). On the data front, the BCB will publish its economic activity index for November at 1200GMT, with analysts expecting a -0.2% m/m contraction in activity, after a 0.06% decline in the previous month.
    • Nov. Economic Activity YoY, est. +2.00%, prior +1.54%
    • Nov. Economic Activity MoM, est. -0.20%, prior -0.06%
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