BRAZIL: Mines & Energy Minister Silveira Sees Good News On Fuel Prices Soon
Apr-17 10:35
- Mines and Energy minister Alexandre Silveira said yesterday that there will be good news on fuel prices in the coming days. This follows comments from Petrobras CEO Chambriard earlier this week that the company needs to look at fuel prices again. Earlier this month, Silveira said that there was room for a fuel price reduction, given the drop in crude prices.
- Separately, Silveira also said that the electricity sector reform project - which expands a benefit that allows low-income families to pay less on their bill - has consensus in the government and approval from President Lula. The reform was taken to the Chief of Staff yesterday.
- Today, the data calendar remains light ahead of the long weekend, with local markets closed tomorrow and Monday. Earlier, FIPE CPI inflation printed at 0.25% m/m for the latest week (vs. +0.31% previously), while February tax collections figures may cross later. After the long weekend, the BCB Focus survey will be published on Tuesday.
- On the political front, President Lula has various meetings today, including one with Foreign Affairs Minister Mauro Vieira at 2000BST(1500ET).
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CROSS ASSET: Equities Off Highs & Bonds Off Lows
Mar-18 10:30
Bonds tick away from lows and equities edge away from highs in recent trade.
- The downtick in equities started a little before the disappointing ZEW current situation reading (which was accompanied by a slightly larger-than-expected jump in the expectations component, driven by the German fiscal sea change).
- A continued rally in oil limits the recovery.
- BBG source reports/headlines surrounding Russian demands re: a Ukrainian ceasefire aren’t particularly surprising/market moving.
EGBS: Bund ratio put fly
Mar-18 10:25
RXJ5 127/126.5/125.5p fly 1x2x0.5, bought for -1 in 4k.
LOOK AHEAD: Tuesday Data Calendar: House Starts/Permits, Import/Export Prices
Mar-18 10:25
- US Data/Speaker Calendar (prior, estimate)
- 18-Mar 0830 Housing Starts (1.366M, 1.385M), MoM (-9.8%, 1.4%)
- 18-Mar 0830 Building Permits (1.473M, 1.453M), MoM (-0.6%, -1.4%)
- 18-Mar 0830 Import Price Index MoM (0.3%, 0.0%), YoY (1.9%, 1.6%)
- 18-Mar 0830 Export Price Index MoM (1.3%, -0.1%), YoY (2.7%, --)
- 18-Mar 0830 New York Fed Services Business Activity (-10.5, --)
- 18-Mar 0915 Industrial Production MoM (0.5%, 0.2%)
- 18-Mar 0915 Capacity Utilization (77.8%, 77.8%), Mfg (-0.1%, 0.3%)
- 18-Mar 1130 US Tsy $48B 52W & $70B 6W bill auctions
- 18-Mar 1300 US Tsy $13B 20Y Bond reopen (912810UJ5)
