BRAZIL: VP Alckmin Assumes Presidential Duties w/Lula In ICU
The office of the Brazilian presidency has confirmed that Vice President Geraldo Alckmin will take on the duties of the presidency while President Luiz Inacio Lula da Silva recovers from brain surgery. This will see Alckmin return to Brasilia to host visiting Slovakian PM Robert Fico. As noted earlier (see 'BRAZIL: Lula Admitted To ICU After Brain Surgery', 0828GMT) the 79-year-old president underwent emergency surgery after suffering headaches on 9 Dec that turned out to be a small brain haemorrhage.
- As Bloomberg notes, "Lula has been busy discussing a package of spending cuts needed to appease investors who are worried about the deterioration of the country’s finances. After much resistance by Lula, the plan proposed by Finance Minister Fernando Haddad was submitted to Congress, though it failed to boost financial market sentiment."
- Since 2022 sitting as part of the centre-left Brazilian Socialist Party (PSB), Alckmin has served as VP and Minister of Development, Industry, Trade and Services since Lula returned to power in 2023. Prior to this, he served as Governor of Sao Paulo from 2001-06 and 2011-18.
- Lula remains one of the only figures with the political cache able to unite the various disparate parties of the centre and left that back the administration. A statement from Lula's hospital said that his surgery went well, but there is no timeline yet for his recovery.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
JGB TECHS: (Z4) Bounce Reverses
- RES 3: 149.55 - High Mar 22 (cont)
- RES 2: 147.74 - High Jan 15 and bull trigger (cont)
- RES 1: 146.53 - High Aug 6
- PRICE: 143.70 @ 16:14 GMT Nov 08
- SUP 1: 143.39 - Low Nov 07
- SUP 2: 142.23 - Low Jul 02
- SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing
Prices fell further Thursday, extending the recent pullback. The return lower at the start of this week has culminated in a break of 143.57, marking both the Jul 17 high on the continuation contract as well as the Oct 22 low. For now, the 50-dma tops out at 144.32, and marks first resistance. A continuation higher would open 146.53, the Aug 6 high (cont) and a bull trigger.
US TSY FUTURES: BLOCK: Late 2Y/10Y Ultra-Bond Flattener
- Flattener crossed late Friday at 1645:30ET, DV01 $322,000
- -8,900 TUZ4 102-23.88, sell through 102-24.38 post time bid vs.
- +3,700 UXYZ4 113-16, post time offer
USDCAD TECHS: Trend Needle Points North
- RES 4: 1.4179 2.0% 10-dma envelope
- RES 3: 1.4000 Round number resistance
- RES 2: 1.3977 High Oct 13 and a key M/T resistance
- RES 1: 1.3959 High Nov 1 / 6
- PRICE: 1.3910 @ 16:29 GMT Nov 8
- SUP 1: 1.3836/22 20-day EMA and a key S/T support / Low Nov 6
- SUP 2: 1.3744 50-day EMA
- SUP 3: 1.3611 Low Oct 8
- SUP 4: 1.3567 Low Oct 7
USDCAD reversed course Wednesday and recovered from Tuesday's low. The trend outlook is unchanged, it remains bullish. Attention is the key resistance at 1.3946, the Aug 5 high. This hurdle has been pierced, a clear break would strengthen the uptrend and open 1.3977, the Oct 13 high and a key medium-term resistance point. Initial firm support to watch lies at 1.3836, the 20-day EMA.
