MACROBrazil
Court suspends rules that widened meal and food voucher acceptance
A federal court in Brasília suspended, in a lawsuit by ABBT, part of the new Worker Food Program rules, according to Agência Brasil and Exame.
Macro & EconomiesEconomy
Brazil
Brazilian economy and its monetary, fiscal, productive and regulatory environment.
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A federal court in Brasília suspended, in a lawsuit by ABBT, part of the new Worker Food Program rules, according to Agência Brasil and Exame.
Updated November 10, 2026 · 47 verified articles
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Why it matters
Activity, inflation, fiscal policy, rates, currencies and foreign trade interact in local price formation.
Explanatory mechanism, not a forecast or recommendation.Articles in chronological order
78MACROBrazil
Court suspends ruling that let three betting sites operate
The Federal Regional Court of the 3rd Region suspended on November 6 the ruling that allowed betting sites Casa de Apostas, Betsul and Jogo Online to operate, at the request of the Attorney General's Office, according to Agência Brasil and CNN Brasil.
MACROBrazil
Confaz authorizes states to grant discounts of up to 100% on interest and fines on ICMS debts
Confaz approved at its 434th extraordinary meeting agreements authorizing states to grant discounts of up to 100% on interest and fines on ICMS debts. The discounts depend on national ratification and each state's law or regulation, according to InfoMoney and Poder360.
MACROBrazil
Government proposes forgiving up to R$ 12.6 billion in micro-entrepreneur debts and announces up to R$ 5,000 Pix grants
The government announced on October 13 a proposal to forgive up to R$ 12.6 billion in debts owed to the federal government by about 3.6 million individual micro-entrepreneurs (MEIs). The measure depends on a complementary bill sent to Congress with urgency. The package includes a transfer of up to R$ 5,000 per MEI for investment, the so-called Pix MEI.
MACROBrazil
Brazil's tax authority says 86% of tax documents from required companies already show the reform's CBS
The Federal Revenue Service said that in the last 30 days required companies issued about 3.7 billion tax documents showing the CBS, the new federal tax under the tax reform, equal to 86% of the total. Another 0.6 billion went out without it. Of 1.28 million required establishments, 67% already show the tax.
MACROBrazil
Banks begin returning R$ 1.3 billion held on banned betting sites to 26.5 million bettors
Banks began on October 9 returning about R$ 1.3 billion held on betting sites that went offline. The refunds run through October 14 and reach about 26.5 million bettors. Remaining cases will be handled by Caixa from the 14th.
MACROBrazil
Durigan says provisional measure with Selective Tax rates will only be sent after the runoff
Finance Minister Dario Durigan said on October 8 that the provisional measure with Selective Tax rates, the so-called sin tax, will only be sent to Congress after the election runoff. He said the agreement with the sectors was concluded this week.
MACROBrazil
Deadline to withdraw money from betting sites ends, and betting sites and apps go offline from Tuesday
The deadline for bettors to withdraw balances from betting operators ended at 11:59 p.m. on Monday, October 5. From Tuesday, betting sites and apps go offline under the provisional measure that banned online betting. Money not withdrawn will be returned through financial institutions between October 9 and 14.
MACROBrazil
Bettors withdraw R$ 652 million from betting accounts in the week after the decree banning online betting
Bettors withdrew R$ 652.6 million from their betting accounts in the week after the provisional measure banning betting, according to government data reported by Correio Braziliense and Agência Brasil. According to Correio, about R$ 1.45 billion remains in accounts of 28.65 million taxpayers. Under the measure, balances must be returned by October 5, and sites are blocked from October 6.
MACROBrazil
Pix transactions fall 10% in the days after the decree banning betting, central bank data show
The number of Pix transactions fell 10% between September 26 and 28 compared with the average of the same days in the previous four weeks, according to central bank data cited by CNN Brasil and Agência Brasil. The drop came right after the September 25 provisional measure that banned online betting. According to Agência Brasil, transaction value fell 15.5%, and the central bank did not say whether the drop stems from the measure.
MACROBrazil
Government issues a provisional measure banning online betting in Brazil, with balance withdrawals until October 5 and sites offline from the 6th
The government announced on September 25 a provisional measure that bans the operation, offering, intermediation and advertising of online betting in the country. New deposits are barred immediately, bettors may withdraw balances until 11:59 pm on October 5, and sites and apps still online from October 6 will be blocked. Between October 9 and 14, banks return unwithdrawn amounts to accounts linked to the taxpayer ID, with Caixa as intermediary if there is an obstacle. President Lula called betting a cancer and the government cited family losses of R$ 62.5 billion in 2025.
CORPORATEBrazil
Carrefour sells 21 neighborhood stores to Grupo Pereira, which enters São Paulo under the Comper banner
Carrefour sold 21 Carrefour Bairro stores to Grupo Pereira, the seventh-largest supermarket chain in the country, in a deal announced on September 25: 15 units are in São Paulo state and six in the Federal District. With the purchase, Grupo Pereira enters São Paulo under the Comper banner. The price was not officially disclosed; reports estimate about R$ 360 million. Carrefour said the sale is part of a portfolio review to focus on large-format stores and Carrefour Express, and the deal depends on Cade.
MACROGlobal
Bank of Japan raises rates to 1.25%, the highest level in 31 years, two days after the Fed hike
The Bank of Japan raised its benchmark rate by 0.25 point, from 1% to 1.25%, on September 18, the highest level since 1995. The decision, widely expected by the market, follows the Fed hike on September 16 and reinforces the synchronised tightening by central banks against energy inflation from the Middle East war.
MACROBrazil
Value of agricultural output hits a record R$ 927.2 billion in 2025, up 18.4%, led by soybeans and coffee
The IBGE Municipal Agricultural Production survey shows a record value of R$ 927.2 billion in 2025, a nominal 18.4% increase over 2024. Soybeans accounted for 34% of the total, with R$ 315.7 billion and a 165.3 million tonne crop; corn rose 38.9% in value and overtook sugarcane; coffee grew 44.7% to R$ 100 billion. Harvested area exceeded 100 million hectares for the first time and Mato Grosso led with 17.9% of the total.
MACROBrazil
Lula signs the critical minerals law without vetoes, with a guarantee fund and R$ 5 billion in tax credits
The law creating the National Policy for Critical and Strategic Minerals was signed without vetoes on September 16 and published in the Official Gazette. It authorises a R$ 5 billion guarantee fund with a federal contribution of up to R$ 2 billion, creates tax credits of R$ 1 billion a year between 2030 and 2034 and a national council for the industrialisation of the sector.
MACROBrazil
Copom cuts the Selic to 13.75% unanimously and leaves the size of the cycle open
The Monetary Policy Committee lowered the Selic by 0.25 point, from 14% to 13.75% a year, in the fifth consecutive cut and the lowest level since March 2025. The statement says the total size of the cycle will be set in light of new information, without signalling the next step.
MACROGlobal
Fed raises rates to 3.75%-4.00% in the first hike since 2023 and Trump demands a 1% rate
The Federal Reserve raised the benchmark rate by 0.25 point to 3.75%-4.00% a year in a unanimous vote, the first hike since July 2023. Projections point to at least one more hike in 2026 and no cut before 2028. Hours later, Donald Trump demanded a 1% rate and criticised Fed chair Kevin Warsh.
MACROBrazil
Capital market offerings total R$ 48.8 billion in August, down 16% in a year, Anbima says
Issuance in the Brazilian capital market totalled R$ 48.8 billion in August, 16% below the R$ 58 billion of August 2025, according to Anbima. In the year to date the volume reaches R$ 485 billion, 7.1% above the same period of 2025. Debentures fell 35.2% from July while FIDCs more than doubled.
MACROBrazil
CVM receives the draft of the tokenisation pilot that will test shares, debentures and fund quotas on DLT networks
The Tokenisation Working Group delivered to the CVM board, on September 15, the draft resolution creating the CVM DLT Pilot Programme. The pilot will test issuance, offering, trading, bookkeeping, custody and settlement of shares, debentures, receivables certificates and fund quotas on distributed ledger networks, with direct real time access by the CVM to the records.
MACROBrazil
IBC-Br falls 0.2% in July in the second straight drop and grows 1.1% in a year
The Central Bank Economic Activity Index fell 0.2% in July from June, seasonally adjusted, after a 0.6% drop in June. Agriculture fell 1.2%, industry 0.4% and services were flat. Year on year the index rose 1.1%; in the year to date and over 12 months, 1.5%.
MACROBrazil
IGP-10 rises 1.47% in September, above expectations, and reverses the August deflation
The IGP-10 rose 1.47% in September after a 0.51% fall in August, above the 1.25% median expected by the market, according to FGV Ibre. The IPA rose 1.90%, with raw materials up 3.91%, soybeans 7.50% and iron ore 2.26%. Over 12 months the index accumulates 3.29%.
CORPORATEBrazil
iFood announces R$ 24 billion in investment through March 2027, 41% above the previous cycle
iFood will invest R$ 24 billion in Brazil between April 2026 and March 2027, 41% above the R$ 17 billion of the previous cycle. The plan allocates R$ 10 billion to verticals, R$ 5 billion to iFood Pago, R$ 1 billion to benefits and R$ 2 billion to technology and artificial intelligence. CEO Diego Barreto said the priority is growth, not profitability.
CORPORATEBrazil
Renault and Geely announce R$ 2 billion more in Brazil through 2027 and lift the cycle to R$ 5.8 billion with electrified cars in Paraná
Renault and Geely announced on September 15 an additional R$ 2 billion investment in Brazil through the end of 2027, lifting the group investment cycle in the country to R$ 5.8 billion, with funds for the production of a new electrified Renault model at the São José dos Pinhais (PR) complex from 2027; Money Times details that assembly of the Geely EX2 electric hatch starts in December 2026 and the EX5 hybrid SUV entered production in September, and that the platform now supports combustion, flex hybrid and electric cars.
MACROBrazil
Prisma Fiscal: market trims the projected 2026 primary deficit to R$ 52.3 billion but lifts gross debt to 83.2% of GDP
The September Prisma Fiscal, released on September 15 by the Finance Ministry, shows the median projection for the Central Government primary deficit in 2026 at R$ 52.271 billion, from R$ 59.145 billion in August, and for 2027 at R$ 45.350 billion, from R$ 55.000 billion; expected net revenue rose to R$ 2.581 trillion in 2026 and R$ 2.750 trillion in 2027. Projected gross debt, however, rose to 83.20% of GDP in 2026 (83.00% in August) and 87.00% in 2027 (86.77%), with the 14% Selic lifting interest expense despite the better primary balance.
MACROBrazil
Retail sales fall 0.8% in July, worse than consensus, and reinforce weak activity on the eve of the Copom
Retail sales volume fell 0.8% in July from June, per the IBGE Monthly Retail Survey released on September 15, against a Reuters consensus of a 0.2% drop; versus July 2025 the rise was 1.2%, below the 2.15% expected. Five of eight sectors declined, with furniture and appliances down 4.9%, books and stationery 4.2% and apparel 2.7%, which IBGE attributes to purchases brought forward for the World Cup in May; expanded retail rose 0.4% in the month, and restricted retail is up 1.8% in the year and 1.6% over 12 months.
MACROBrazil
CNI: Brazil invested R$ 266.8 billion in infrastructure in 2024 and needs R$ 550 billion a year for two decades
A CNI study on infrastructure investment financing shows Brazil invested R$ 266.8 billion in the sector in 2024, 2.27% of GDP, and would need about R$ 550 billion a year, 4.65% of GDP, for at least two decades to clear its bottlenecks; the private sector accounted for R$ 188.1 billion (70.5%) and the public sector for R$ 78.6 billion, with R$ 8.4 billion from multilaterals. The confederation proposes a new financing regime combining macro stability, deeper capital markets, private credit and project finance, a project pipeline, legal certainty and regulatory predictability.
MACROBrazil
CMN expands the 2026 credit limit for states and municipalities by R$ 2 billion, to R$ 28.6 billion
The National Monetary Council raised the global limit for credit operations by states, the Federal District and municipalities in 2026 from R$ 26.625 billion to R$ 28.625 billion. The sub-limit with a federal guarantee rose from R$ 7 billion to R$ 8.5 billion and the one without a guarantee from R$ 6 billion to R$ 6.5 billion, drawing on R$ 7.87 billion of unused room.
MACROBrazil
Lula signs law making Move Brasil permanent, with R$ 30 billion in credit for app drivers and taxi drivers
Lula signed on September 14 the law that turns Move Brasil into a permanent policy, a credit programme for new vehicle purchases by app drivers, taxi drivers, delivery workers and, now, school transport, with R$ 30 billion operated by BNDES, of which R$ 5 billion has already been used for about 48,000 cars and 20,000 motorcycles. The rules set vehicles of up to R$ 200,000, up to 84 instalments with a six-month grace period, interest of 12.6% a year for men and 11.5% for women, a six-month requirement of active platform registration instead of twelve, and 80% FGI coverage of operations.
MACROBrazil
Industrial confidence falls to 44.9 points in September and completes 21 months of pessimism, the longest stretch since 2015
The CNI Industrial Business Confidence Index (ICEI) fell 1.4 point in September to 44.9 points, from 46.3 in August, completing 21 straight months below the 50-point line that separates optimism from pessimism, the longest stretch since the one recorded in 2015 and 2016. The current conditions index fell 2.5 points to 40.2, with the assessment of the Brazilian economy at 33 points (-3.6), and the expectations index slipped 0.9 point to 47.2; the survey polled 1,186 companies between September 1 and 8.
MACROBrazil
Lula signs without vetoes the end of the so-called blouse tax, zeroing import duty on purchases up to US$ 50
President Lula signed on September 10, without vetoes, the law zeroing the 20% import duty on international purchases up to US$ 50, originating in Provisional Measure 1,357 of May and approved by Congress the previous week; the 17% state ICMS remains, and the law also zeroes duty on drugs for rare diseases with no domestic equivalent. For shipments between US$ 50 and US$ 3,000, Agência Brasil records a cut in the rate from 60% to 30%.
MACROBrazil
Fachin removes Moraes as rapporteur of the fake news inquiry and preserves prior rulings amid the Supreme Court crisis
Supreme Court Chief Justice Edson Fachin decided on September 9 to remove Alexandre de Moraes as rapporteur of the fake news inquiry, keeping prior rulings valid, days after moving Moraes's request against André Mendonça into a separate proceeding and after 13 former justices' letter demanding a rigorous inquiry into the crisis tied to Daniel Vorcaro's messages.
MACROBrazil
Government sets December 17 auction for Brasília Airport in a block with ten regional terminals and R$ 1.2bn in investment
The notice published on September 9 sets for December 17, at 3 pm, the auction that renegotiates the Brasília Airport concession, operated by Inframerica since 2012 with demand below projections, in a block with ten regional airports in MT, GO, MS, PR and BA; the winner buys the shares for R$ 628.8 million, pays a minimum 5.13% variable contribution and invests R$ 1.2 billion in a new international terminal, parking building and access roads, under a contract through 2037.
MACROBrazil
Thirteen former Supreme Court justices ask Fachin for a rigorous inquiry into the Vorcaro-Moraes crisis in a public session
Thirteen retired Supreme Court justices, from Néri da Silveira to Rosa Weber, sent a letter to Chief Justice Edson Fachin on September 7 asking for an urgent public session and an immediate, rigorous inquiry into the facts tied to the Banco Master founder's messages to Alexandre de Moraes, in what they call the most acute crisis in the Court's history.
MACROBrazil
Quaest: Lula at 36% and Flávio Bolsonaro at 29% in the first round, tied in the runoff, as government disapproval hits 50%
The Genial/Quaest poll of September 3-6, the first after the Supreme Court crisis, shows Lula at 36% and Flávio Bolsonaro at 29% in the first round, a 41%-41% tie in the runoff, and government disapproval at 50% against 43% approval, the year's widest gap.
MACROBrazil
CMN widens renegotiation of climate-hit rural debt, with a November 12 deadline
The National Monetary Council approved on September 4 a measure widening access to debt renegotiation for farmers and cooperatives hit by adverse weather, per Agência Brasil and Poder360. The deadline to contract the debt restructuring is November 12, with payment over up to eight years and two years of grace, per CNN Brasil, which also records the reclassification of rural credit operations.
EMPRESASBrazil
Federal court suspends licenses and halts Sigma's lithium mine in the Jequitinhonha Valley over proximity to a quilombo
The federal court in Teófilo Otoni suspended on September 4 the environmental licenses and halted Sigma Lithium's mining at the Grota do Cirilo complex, between Itinga and Araçuaí (MG), until Incra approves an impact study and prior consultation with the Baú quilombo, per Estado de Minas and Bloomberg Línea. The ruling accepted a quilombola federation's challenge over the mine's distance to the territory, 2.7 to 3 kilometers per the expert report, against 8 kilometers claimed by the company, per Estado de Minas.
EMPRESASBrazil
Hypera starts selling its Semavy semaglutide pen at R$ 333 per unit in a three-pen kit
Hypera began selling on September 4 its Semavy semaglutide pen at R$ 333 per pen in a three-unit kit, R$ 999 in total, per Exame, g1 and CNN Brasil. Per Exame, the company's chief executive said the price will stay frozen to retain customers; per CNN Brasil, a single pen costs R$ 464.80.
MACROBrazil
IBGE: nearly 2 million worked through digital platforms in 2025, with longer hours and lower pay per hour
IBGE reported on September 4 that about 1.8 million to 2 million people worked through digital service platforms such as transport and delivery in Brazil in 2025, per Poder360, InfoMoney, Valor and Estadão. These workers put in longer hours and earn less per hour than other employed people, per Correio Braziliense and BBC Brasil; only a third contribute to social security, per Valor.
MACROBrazil
Lula signs law creating Profert, an incentive program for Brazil's fertilizer industry
President Lula signed Law 15,495, creating the Fertilizer Industry Development Program, Profert, with incentives for domestic fertilizer production, per Agência Senado, Agência Câmara and Poder360. Per Poder360, there was a partial veto of the provision defining fertilizers as products extracted and produced in the national territory.
MACROBrazil
Senate passes critical minerals policy with R$ 2 billion fund; bill goes to president
September 4 update: the text creates a council with power to approve or reject changes of control at critical-mineral miners, per Bloomberg Línea and Poder360. The Senate approved on September 2 bill PL 2,780/2024, creating the National Policy for Critical and Strategic Minerals, with a R$ 2 billion Mineral Activity Guarantee Fund from the Union and R$ 5 billion in tax credits over five years for domestic processing, per Agência Senado, Poder360 and Money Times. The text, reported by Eduardo Braga, goes to presidential signature without returning to the Chamber.
EMPRESASBrazil
Azzas 2154 to split into Arezzo&Co and Soma after Birman-Jatahy deal
Alexandre Birman and Roberto Jatahy struck a deal to split Azzas 2154 into two independent listed companies, Arezzo&Co and Soma, about two years after the merger, per CNN Brasil, NeoFeed, Bloomberg Línea, Exame and Brazil Journal. The Birman bloc keeps 32.13% of Arezzo&Co and the Jatahy bloc 25.95% of Soma; Farm goes into a company split between the two. Shares rose more than 11% on the morning of September 2, per CNN Brasil.
MACROBrazil
Senate committee approves end of 6x1 work schedule; bill heads to floor
The Senate Constitution and Justice Committee approved on September 2 PEC 221/2019, which cuts the maximum weekly workweek from 44 to 40 hours and secures two rest days a week, per Agência Senado, CNN Brasil, Poder360 and Agência Brasil. The text, reported by Omar Aziz, heads to the floor, where it needs 49 votes in two rounds.
EMPRESASBrazil
Motiva completes sale of 20 airports to Asur for R$ 12.2 billion
Motiva completed the sale of its 20 airports to Mexico's Asur for R$ 12.2 billion, per CNN Brasil, Exame, Money Times and InfoMoney, following Anac approval. Per InfoMoney, closing brings R$ 5.2 billion into the company's cash.
MACROBrazil
GDP grows 0.5% in Q2 as household consumption falls
Brazil's GDP grew 0.5% in the second quarter of 2026 versus the first, seasonally adjusted, per IBGE — above the 0.4% consensus cited by InfoMoney. Household consumption fell 0.4% in the period. Future rates dropped after the release as markets firmed Selic-cut bets.
MACROBrazil
Gross debt climbs to 82.5% of GDP, highest since April 2021
General government gross debt (DBGG) reached 82.5% of GDP in July, up from 81.9% in June, per Central Bank fiscal statistics released August 31 — the highest since April 2021, at the pandemic borrowing peak. The data lands the same day as the 2027 budget filing, which promises surpluses to stabilize the path.
MACROBrazil
Brazil 2027 budget to freeze funds in pursuit of the fiscal target center
On the eve of the constitutional filing deadline, full coverage previews Brazil's 2027 budget: the government will seek leeway to freeze more funds and pursue the fiscal target's center, per Folha and Gazeta do Povo, and the bill will include a R$ 6 billion injection into the postal service, per g1 and Folha. 'Effective' surplus projections diverge between R$ 18-20 billion and about R$ 8 billion.
EMPRESASBrazil
Mendonça halts trial on taxing Vale profits held abroad
Justice André Mendonça requested a 'destaque' and halted the Supreme Court trial on taxing profits of Vale's foreign subsidiaries, moving the case from the virtual to the physical plenary — where it restarts from scratch. The majority already formed (6-4 per InfoMoney) is voided. The Federal Revenue projects a R$ 22 billion impact, per InfoMoney.
MACROBrazil
Brazil adds 58,600 formal jobs in July, weakest for the month since 2020
July's Caged payroll report, released August 28, showed a net 58,568 formal jobs created — the worst July since 2020 and well below the market consensus of about 114,000. Per Money Times, short-term rates fell after the data as markets firmed bets on Selic cuts.
MACROBrazil
Current account gap hits US$ 8.1 billion in July, wider than expected
Brazil ran a US$ 8.1 billion current account deficit in July, wider than the market forecast (US$ 6.6 billion) and July 2025's result (US$ 6.9 billion), per Central Bank data. Over 12 months the gap totals US$ 62.9 billion, 2.49% of GDP. Foreign direct investment was US$ 7.5 billion in the month.
MACROBrazil
Central government posts R$ 10.78 billion July surplus on record tax intake
The central government posted a primary surplus of R$ 10.78 billion in July, per the National Treasury. Federal tax collection hit R$ 289.3 billion in the month, a July record, up 8.97% in real terms — boosted, per Correio Braziliense, by R$ 3.16 billion from the oil export tax.
MACROBrazil
IPCA-15 posts 0.40% deflation in August on the Itaipu bonus in power bills
The IPCA-15 posted 0.40% deflation in August, per IBGE, with the 12-month figure decelerating from 4.52% to 4.24%. The main driver was residential electricity, down 6.25% as the Itaipu bonus was credited on bills — a one-off effect coverage treats as transitory.
EMPRESASBrazil
CVM rules Centaurus must launch a tender offer for Oncoclínicas shares
CVM's board ruled on August 25 that US asset manager Centaurus must launch a tender offer for Oncoclínicas shares, having crossed the 15% poison-pill trigger in the bylaws — reversing the technical staff's view. The deal is valued at over R$6 billion, and ONCO3 shares rose more than 12% the next session.
MACROBrazil
Provisional measure extends drawback tax suspensions for tariff-hit exporters
Provisional Measure 1,386/2026, published August 25, extends by up to one year the tax-suspension deadlines of the drawback-suspension regime — import duty, IPI, PIS/Cofins and AFRMM — for exporters hit by US tariffs. The extension covers concession acts expiring between July 22 and December 31, 2026.
MERCADOSBrazil
Pátria proposes liquidating three REITs and concentrating assets in PCIP11
Pátria proposed to shareholders the liquidation of three REITs — RPRI11, RBRR11 and VCJR11 — transferring assets into PCIP11. Per CNN Brasil, the consolidated fund's assets would grow from R$1.6 billion to R$4.5 billion and its investor base from 114,000 to over 292,000.
EMPRESASBrazil
Aneel denies Enel SP's expert review and closes the forfeiture case's evidentiary phase
Aneel's board unanimously rejected on August 24 Enel SP's request for an expert technical review in the concession forfeiture case, closed the evidentiary phase and opened a ten-day window for final arguments. If the agency recommends terminating the concession, the final decision rests with the Mines and Energy Ministry.
EMPRESASBrazil
Yduqs confirms preliminary business-combination talks with Afya
Yduqs confirmed in an August 24 material fact filing that it holds preliminary talks with Afya, controlled by Germany's Bertelsmann, over a possible business combination — with no agreement, contract or binding commitment. YDUQ3 shares rose more than 8% in the session. An eventual merger would create a Brazilian higher-education giant.
EMPRESASBrazil
Grid operator ONS triggers surplus plan for second time this year as it readies automatic solar curtailment
Grid operator ONS triggered its Energy Surplus Management Plan on Sunday, August 23, restricting generation from smaller plants connected to distribution grids from 11:00 to 13:30 — the mechanism's second activation in 2026. The episode comes days after the operator announced Erag, an automatic solar-curtailment scheme with up-to-3 GW design capacity and a pilot expected by year-end.
EMPRESASBrazil
Enel SP files final defense in the concession forfeiture case, alleging unequal treatment
Enel SP filed its final arguments in the distribution concession forfeiture case at Aneel. In the defense, the company says it improved operational indicators and alleges unequal treatment versus other distributors. The decision rests with the agency's board, with no deadline confirmed by coverage.
EMPRESASBrazil
Vale announces 19 more municipalities joining the Fundão reparation agreement
Vale announced that 19 more municipalities — 15 in Minas Gerais and 4 in Espírito Santo — joined the reparation agreement for the Fundão dam collapse in Mariana. With the new adhesions, 45 of the 49 eligible municipalities have joined the agreement, whose total value is R$170 billion per registered coverage.
JUROSBrazil
Galípolo defends contractionary rates to rebalance demand
At a Santander conference on August 17, Central Bank chief Gabriel Galípolo said monetary policy targets contractionary territory to rebalance supply and demand, with demand growing beyond the economy's supply capacity.
CRÉDITOBrazil
Corporate delinquency hits a record 9.1 million companies, Serasa says
A Serasa Experian survey covered on August 17 points to a record 9.1 million companies in arrears in June, with R$232.9 billion in debt, the highest levels in the series started in 2016.
MACROBrazil
IBC-Br falls 0.6% in June, consolidating the quarter-end slowdown
The IBC-Br, the Central Bank's monthly GDP proxy, fell 0.6% in June from May in seasonally adjusted terms, in data released August 17. Excluding agriculture, the decline would be 0.9%.
MACROBrazil
Focus survey holds 2026 IPCA at 5.02% and cuts 2027 GDP for a fourth week
The Focus survey released August 17 held the 2026 IPCA median at 5.02% and cut the 2027 GDP growth forecast from 1.52% to 1.50%, a fourth straight reduction. The 2027 IPCA median edged up to 4.24%.
EMPRESASBrazil
Marabraz files for court-supervised reorganization with about R$140 million in debt
Furniture retail chain Marabraz filed for court-supervised reorganization on August 15, declaring about R$140 million in debt. The case extends the list of retailers restructuring amid the high-rate cycle.
CRÉDITOBrazil
Fitch raises Rio de Janeiro city's national-scale rating to AAA
Fitch raised the city of Rio de Janeiro's long-term national-scale credit rating from AA+ to AAA, the scale's highest level, with a stable outlook. Part of the coverage describes the action as investment grade; the upgrade refers to the agency's national scale.
EMPRESASBrazil
Casas Bahia files for court-supervised reorganization after multibillion Q2 loss
A day after reporting Q2 2026 with a loss on the order of R$10 billion and auditor-flagged going-concern doubt, Casas Bahia filed for court-supervised reorganization on the evening of August 16. The shares fell more than 30% in the next session.
PETRÓLEOBrazil
Petrobras identifies hydrocarbons in a Foz do Amazonas well
Petrobras identified hydrocarbons in the Morpho well in the Foz do Amazonas and, in an August 17 press conference, CEO Magda Chambriard said the company found oil, with volume and commerciality still to be determined. Three additional wells in the block await Ibama licensing.
EMPRESASBrazil
Vibra reports Q2 2026 with sharply higher profit and approves new interest on equity
Vibra Energia reported second-quarter 2026 results on August 14, with net profit sharply higher year over year, and the board approved a new interest-on-equity distribution. Exact payout figures differ across registered sources.
JUROSBrazil
Tesouro Direto rates jump in a stressed fixed-income session
Rates on Tesouro Direto fixed-rate and inflation-linked bonds rose sharply on August 14, with the 2029 fixed-rate bond closing above 14.4% per year. Coverage links the move to domestic risk aversion, with the fiscal and electoral picture in focus.
MERCADOSBrazil
Ibovespa ends its eleven-session losing streak on external relief
The Ibovespa closed August 25 up 1.55% at 174,576 points, its highest level since August's stress began, with the dollar down at R$5.1404. The recovery since the eleven-session losing streak ended spans gains in nearly every session since August 19.
RENDA FIXABrazil
Tesouro IPCA+ 2026 maturity returns about R$258 billion on Monday
Tesouro IPCA+ 2026 matures with payment scheduled for August 17, returning about R$258 billion to NTN-B holders. Most of it sits with institutional investors; the retail Tesouro Direto share is around R$13 billion.
EMPRESASBrazil
Nubank posts record US$1.1 billion profit in Q2 2026, its first above US$1 billion
Nu Holdings reported record net profit of US$1.1 billion for the second quarter of 2026, its first above US$1 billion, up about 49% year over year. The shares reacted with strong gains after the release.
EMPRESASBrazil
Banco do Brasil earns R$3.9 billion in the second quarter
Banco do Brasil's adjusted net income rose 3.3% year over year and 13.9% sequentially. The expanded loan portfolio reached R$1.31 trillion, although the outlook still depends on asset quality and credit costs.
ENERGIABrazil
Decree opens the free power market to low-voltage consumers
The decree allows low-voltage consumers to choose their electricity supplier. The opening starts in November 2027 for small commercial and industrial users and reaches households in November 2028.
FISCALBrazil
Lower house passes fuel bill carrying fiscal-exemption riders
Brazil's Chamber of Deputies passed the fuel bill on the evening of August 12. The text incorporated provisions unrelated to its main subject that grant tax exemptions to other sectors, dubbed riders in legislative coverage.
MACROBrazil
Services hold steady in June and grow 2% year over year
Services volume was unchanged in June from May and rose 2% from June 2025. The sector ended the month 0.3% below its record, combining a high level with signs of moderation.
COMÉRCIOGlobal
China seeks to join Brazil consultations over U.S. tariffs
China requested to join the consultations opened by Brazil at the World Trade Organization over U.S. tariff measures. Beijing cited a commercial interest because some restrictions also reach Chinese products.
INFLAÇÃOBrazil
Focus survey lowers its inflation forecast for a sixth week
The median market forecast for 2026 inflation declined again, reaching 5.02%. The growth estimate also fell, while the Selic and dollar forecasts were unchanged from the previous week.