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May Retail Sales Data Due, Ibovespa Options Expiration

BRAZIL
  • Brazil’s lower house suspended a session to approve a $7.6 billion package of social aid after its remote voting system failed, according to a webcast.
    • The bill had 393 votes in favour to 14 against in a first round vote when the glitch happened, leading lower house speaker Arthur Lira to call for voting to resume Wednesday at 9am local time.
  • Brazil's Economy Ministry will raise its forecast for economic growth this year to 2% from 1.5%, ministry sources said, backed by recent stronger-than-expected economic indicators. (Reuters)
    • The review will come out this week and serve as the basis for calculating government income and expenses in a bi-monthly report to be released on July 22, said the sources on condition of anonymity since the figures are not public.
  • Brazil is in the process of concluding new deals with Russia for the purchase of diesel, business newspaper Valor Econômico reported on Tuesday.
    • According to the report, Brazilian Foreign Minister Carlos França said after a UN Security Council meeting in New York that his country wanted to buy "as much diesel" as it can from Russia.
    • "Russia is a strategic partner for Brazil. We are BRICS partners. We are also heavily dependent on fertilizer exports from Russia and Belarus. And, of course, Russia is a big supplier of oil and gas. You can ask Germany about it, you can ask Europe about it. So, in Brazil, we are short of diesel," he said.
  • Retail Sales Data at 1300BST/0800ET:
    • May Retail Sales M/m, est. 1.0%, prior 0.9%
    • May Retail Sales Y/y, est. 2.4%, prior 4.5%
    • May Retail Sales Broad M/m, est. 1.7%, prior 0.7%
    • May Retail Sales Broad Y/y, est. 2.5%, prior 1.5%
    • Separately, Ibovespa options expiration at B3 stock exchange today.
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