Brazil's Fiscal Woes Ramp Up Pressure on Lula's Finance Chief [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: BNN Bloomberg
Haddad, the once and potentially future political heir he named his finance minister. Now Brazil's increasingly cloudy fiscal outlook is poised to put their relationship through its toughest test. Haddad last week weakened the government's primary 2025 budget target, a tacit admission that his plans to shore up public accounts without significant spending cuts are falling short of his lofty goals. The timing for markets couldn't have been worse. The change added to upheaval sparked by the Federal Reserve's indications that US interest rates will remain higher for longer, jitters around the upcoming power transition at Brazil's central bank, and tensions in the Middle East. The real weakened while pressure on the long-end of Brazil's swap curve increased. The negative reaction, investors say, was largely a result of the global tumult caused by the Fed's renewed caution, not a loss in confidence in Haddad: Until the US starts cutting, “the market will always look at any situatio
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