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Markets Continue To Await Spending Waiver Details

BRAZIL
  • Despite President-Elect Lula repeatedly criticising fiscal spending rules as he looks to achieve his campaign pledges, most recent comments over maintaining fiscal responsibility buoyed local assets on Monday. USDBRL closed around 1% lower just above 5.30, countering a poorer session for global risk sentiment.
  • After the market close on Monday, Reginaldo Lopes, Workers’ Party leader in the Lower House, defended proposals to exclude some social expenditure from the fiscal spending rule indefinitely.
  • Markets don’t expect the amendment to pass in this form, however, it appears the Workers’ Party is negotiating to make the waiver as long as possible.
  • Market participants continue to await Lula’s key ministerial positions, including the economy minister. Reports continue to convey the president-elect is inclined to tap former Sao Paulo Mayor Fernando Haddad.
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