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Lula To Meet With Petrobras CEO, February Budget Balance Due

BRAZIL
  • On the data front, attention will be on the US non-farm payrolls release at 1330BST(0830ET). Ahead of that, Brazil fiscal data for February will be published at 1230BST(0730ET), with analysts expecting a primary deficit of BRL 49bn, following a BRL 102.1bn surplus in January. Public net debt is expected to edge up to 60.1% of GDP, from 60.0% prior.
    • Feb. Public Borr. Primary DE Monthy, est. -49b, prior 102.1b
    • Feb. Nominal Budget Balance, est. -105.6b, prior 22.2b
    • Feb. Brazil Public Net Debt %GDP, est. 60.1%, prior 60.0%
  • Meanwhile, President Lula and Petrobras CEO Prates should meet April 8 to determine whether Prates will remain in his position as head of the state-controlled oil producer, according to a report by O Globo, citing people familiar with the matter. This follows a report from CNN Brasil yesterday that the head of Development Bank BNDES Aloizio Mercadante is one of the names being considered to lead Petrobras.
  • Separately, Petrobras said that no decision had been made on the payment of extraordinary dividends, after reports yesterday that ministers had reached an agreement on this. Petrobras said shareholders have the capability of deciding on the distribution of dividends in their April 25 general meeting.
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