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Valor Flag Weaker Tax Revenues as Result of Diesel Policy

BRAZIL
  • Haddad is expected to head to the IMF and World Bank meetings with a goal of highlighting the three key foreign policy pillars of Lula's latest term in office, namely: sustainable development in the social, environmental and economic spheres; the review of debts of countries in crisis; and the reform of global governance. The finance minister is expected to affirm the reformist approach to policy, according to Globo.
  • Separately, Valor report that the government are set to lose as much as BRL 500mln in tax revenues by year-end due to the zero-rated federal tax on diesel sales.
  • Campos Neto has a particularly busy scheduled Friday, meeting several industry representatives, although no public comments or press conferences are scheduled.
  • A regional Latam sell-off Thursday (led by MXN) will likely remain a focus into the Friday session, with the US Nonfarm Payrolls release of critical importance. Any re-steepening or further rise in the US yield curve should add extra pressure, keeping 5.20 within range for USD/BRL.
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