BRAZIL: Foreign Minister Vieira Meets Rubio to Discuss Tariffs, Retail Sales Due
Nov-13 11:54
- CNN Brasil has reported that Foreign Minister Mauro Vieira will meet with US Secretary of State Marco Rubio in Washington today to continue trade negotiations. This follows reports that the pair met on the sidelines of the G7 meeting yesterday, where they spoke about tariffs and agreed to a further in-person meeting. According to CNN, President Lula has indicated his willingness to call President Trump to schedule a new meeting in December, should the meeting between Vieira and Rubio fail to reach an agreement.
- On the data front today, September retail sales figures cross at 1200GMT(0700ET), with analysts expecting sales to rise by 0.3% on the month, lifting the annual rate of growth to 2.0% y/y. Later today, vehicle sales figures from Anfavea are also due at 1630GMT(1130ET).
- Sept. Retail Sales YoY, est. 2.0%, prior 0.4%
- Sept. Retail Sales MoM, est. 0.3%, prior 0.2%
- Sept. Retail Sales Broad YoY, est. 1.1%, prior -2.1%
- Sept. Retail Sales Broad MoM, est. 0.1%, prior 0.9%
- Meanwhile, the Finance Ministry is scheduled to release its latest Macrofiscal Bulletin report at 1700GMT(1200ET).
- BCB Governor Galipolo is due to give two lectures today, the first to students at the IDP Summit at 1330GMT(0830ET), and the second at a Pense Sicoob event at 1730GMT(1230ET). In remarks yesterday, he continued to strike a cautious tone, reiterating the BCB’s familiar hawkish messaging.
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GILT SYNDICATION: 5.25% Jan-41 gilt: Priced (with details)
Oct-14 11:51
- Reoffer:101.621 to yield 5.0969%
- Spread set earlier at 4.375% Jan-40 Gilt + 8.0bps (Guidance was +8/8.5bps)
- Size: GBP9bln (above the GBP4.0-8.5bln MNI expected - although we had noted the top half of that range was likely).
- Orderbooks closed in excess of GBP128bln (including JLM interest of GBP7bln)
- Hedge ratio: 110% vs 4.375% Jan-40 gilt. Spot ref 93.50 / 5.0169%, hedge at 93.501
- Maturity: 31 Jan 2041
- Settlement: 15 Oct 2025 (T+1)
- Coupon: 5.25% (short first)
- ISIN: GB00BVP99897
- JLMs: BofA / Barclays / DB / MS (B&D/DM) / RBC CM
- Timing: TOE 12:45BST. FTT immediately
Source: Market source and MNI colour
GILT SYNDICATION: 5.25% Jan-41 gilt: Priced
Oct-14 11:48
- Reoffer:101.621 to yield 5.0969%
- Spread set earlier at 4.375% Jan-40 Gilt + 8.0bps (Guidance was +8/8.5bps)
- Size: GBP9bln (above the GBP4.0-8.5bln MNI expected - although we had noted the top half of that range was likely).
- Orderbooks closed in excess of GBP128bln (including JLM interest of GBP7bln)
- Hedge ratio: 110% vs 4.375% Jan-40 gilt
- Maturity: 31 Jan 2041
- Settlement: 15 Oct 2025 (T+1)
- Coupon: 5.25% (short first)
- ISIN: GB00BVP99897
- JLMs: BofA / Barclays / DB / MS (B&D/DM) / RBC CM
- Timing: Hedge deadline 12:00BST
Source: Market source and MNI colour
EURIBOR OPTIONS: ERM6 Package Trades
Oct-14 11:46
ERM6 98.25/98.37 call spread vs 97.93 puts paper paid 0 for the call spread on +4K.
