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Petrobras Cuts Gasoline Price, Poder 360 Presidential Poll

BRAZIL
  • Yesterday, Petrobras cut average gasoline price to BRL3.86/L from BRL4.06/L.
    • The gasoline price cut was said to be in line with international prices.
  • JPMorgan analysts subsequently revised their estimates for inflation in Brazil to 7.4% by December from 7.6% due to the price cuts.
    • Petrobras cuts on wholesale gasoline prices have an estimated impact of about 20bp on short-term forecasts, particularly concentrated in August according to JPM analysts.
  • U.S. again defends Brazil's voting system questioned by Bolsonaro [RTRS]
  • Brazil has a strong track record of free, fair and transparent elections and the United Sates trusts that its electoral system will reflect the will of the people in the October election, a U.S. State Department spokesperson said on Tuesday.
    • This comes a day after President Bolsonaro invited ambassadors to a meeting at his official residence on Monday to “exchange ideas about the electoral process”.
  • The latest Poder360 Presidential poll showed Lula Has 51%, Bolsonaro 38% in Brazil Runoff Poll.
    • In previous survey, on July 6, Lula had 50% and Bolsonaro 38%.
  • Former President and 2022 elections front-runner candidate Luiz Inacio Lula da Silva attends public events in Pernambuco state with his running mate, Geraldo Alckmin. First event to take place at 9am and the second event happens at 4pm Brasilia time.
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