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Week Ahead: Focus On Brazil’s Treasury Report, Mid-Month CPI Data

LATAM
  • At the start of the week, attention will be on the Brazil’s revenue and expenditure report, which will be presented on Monday. Following that, Mexico will publish latest economic activity figures, while mid-month inflation data are due in Mexico on Wednesday and in Brazil on Thursday. The central bank of Chile will release its latest traders survey on Friday.
    • On Monday, all eyes will be on Brazil’s bimonthly Treasury report, although Finance Minister Haddad has already announced a BRL 15bn spending freeze from this year’s budget, ahead of the report’s publication. Meanwhile, the BCB will also publish its weekly Focus survey, while in Mexico May retail sales and economic activity will cross, followed by the latest Citi survey of economists.
    • There are no major data releases on Tuesday, but on Wednesday, Mexico bi-weekly CPI data for the first half of July will be published. Analysts expect headline inflation to edge up to 5.21% y/y, while core moderates to 4.01%. Elsewhere, Chile PPI inflation and Colombia industrial and retail confidence, all for June, are due.
    • Brazil will publish mid-month IPCA inflation data on Thursday, with consensus currently expecting the headline rate to rise to 4.39% y/y in the first half of July. June current account and FDI data are also due. In Argentina, May wages and July consumer confidence will cross.
    • On Friday, Brazil outstanding loans figures for June are expected, followed by Mexico June trade data. The BCCh will publish its latest traders survey, ahead of the July 31 MPC meeting. The previous survey revealed that a narrow majority of traders expect the central bank to pause its easing cycle later this month.

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