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Retail Sales Due, Copom Decision After Markets Close

BRAZIL
  • Bloomberg estimates project a small advance in October retail sales, but that won’t offset the sharp decline in the two previous months.
  • The weakness in retail sales reflects a combination of factors: the erosion in household budgets from scorching inflation; the shift from goods to services as the economy reopens; the decline in consumer confidence; and to a smaller extent, the first effects of monetary tightening on borrowing costs.
  • A lackluster retail performance would add to the decline in industrial production.
    • 1200GMT/0700ET: Oct. Retail Sales YoY, est. -6.2%, prior -5.5%
    • 1200GMT/0700ET: Oct. Retail Sales MoM, est. 0.6%, prior -1.3%
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