Seeking Alpha

Brazil PMI slips into contraction territory

  • Brazil's November PMI slips to 49.7 from 50.2 previously, the move into contraction territory led by New Orders which stayed below 50 for the 5th consecutive month.
  • "The only good news was that the measures of inflation included in the PMI report also lost momentum: firms saw input prices rising at the slowest pace since June and output prices climbing at the weakest rate since May," says HSBC's Andre Loes.Brazil's central bank raised the Selic 50 basis points to 10% late last week - but a tweak to the statement has some economists predicting just one more rate hike for this monetary tightening cycle (the Selic was 7.25% in April).
  • Brazil ETFs: EWZ, BRF, BZF, BRXX, EWZS, BRAQ, BRAZ, BZQ, BRAF, UBR, BRZU, FBZ, BRZS, DBBR
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