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Retail Sales Solidly Better-Than-Expected

BRAZIL
  • Brazil's November retail sales came in higher than expected, growing 0.6% on the month against expectations of 0.0%, while the Y/Y still contracted by 4.2%, but a slower pace than the 5.6% contraction expected. Particular improvement was noted in food/beverage/tobacco sales as well as health/pharmaceuticals.
  • Overnight, the government's Official Gazette detailed a new electricity regulation bill, targeted at mitigating the impact of recent water scarcity on the sector.
  • Late yesterday, wires confirmed that the Infrastructure Ministry is to release BRL 1bln in supplementary credit for construction works impacted by recent heavy rain. Bolsonaro is due to sign the bill on Monday.
  • BCB's Campos Neto attends a BIS conference today, but is not scheduled to speak, while President Bolsonaro heads to Amapa state.
  • The BCB are to rollover 17,000 FX swaps contracts Friday, with the operations kicking off as usual at 1130 local time.
  • USD/BRL found support at the 100-dma of 5.5008 on Thursday and with markets opening broadly flat Friday, this level remains key into the Friday close. The Ibovespa finished broadly flat, largely spared from the tech-sector focussed sell-off on Wall Street.
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