Itaú BBA - Pension reform approved at the Special Committe in Brazil

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Pension reform approved at the Special Committe in Brazil

July 5, 2019

The Lower House will probably start to analyze the proposal on Tuesday

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Brazil

Lower House lawmakers approved yesterday the rapporteur’s proposal for the pension reform at the Special Committee. 36 members voted in favor and 13 against its approval. The committee also voted the report amendments, and now the bill will follow to the Lower House floor, which will probably start to analyze the proposal on Tuesday.

According to Anfavea, auto production reached 233.1k in June, broadly in line with our forecast (234 k). According to our seasonally adjusted series, production decreased 0.7% in June. Domestic sales increased 2.7%, while exports remained virtually stable. Our preliminary forecast for June’s industrial production increased to -0.8% mom/sa from -1.0% previously.

Chile

Day Ahead: At 9:30 AM, the central bank will publish the GDP proxy (Imacec) for May, which we expect to increase 0.3% mom/sa and result in annual growth of 2.3% (NSA) in May. Additionally, May’s nominal wage growth will also be released today.

Colombia

Day Ahead: At 9:00 PM, inflation for the month of June will be released. We forecast a 0.32% monthly increase in prices, resulting in annual inflation of 3.48%.

Mexico

Day Ahead: At 8:00 AM, the Statistics Institute (INEGI) will announce April’s gross fixed investment, which we expect to decrease 4.0% yoy in April (from -2.4% in March).



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