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The House rejected the measure that taxes betting companies, the STF will analyze the case against the payroll tax relief for 17 economic sectors, and the case regarding the Ferrogrão railway project has been suspended
BRAZIL POLITICS · Report · 09 Oct 2025

The government suffered a major defeat in Congress as the Lower House rejected Provisional Measure (MP) 1303, which dealt with the taxation of betting companies (“bets”) and tax-exempt bonds. Separately, Supreme Federal Court (STF) Justice Cristiano Zanin authorized the merits trial of the case c...

Almost like business as usual
INDONESIA · Report · 08 Oct 2025

In writing this report, it was interesting to note that the data presented, the trade balance as well as the inflation figures, did not show anything unusual. Exports registered another increase in August 2025, while the trade balance reported a larger surplus than the previous month. At the same...

September CPI-inflation marginally better than expected
HUNGARY · In Brief · 08 Oct 2025

The headline rate remained unchanged at 4.3% yoy for the third consecutive month in September, on zero inflation in this single month, just as it happened in August. Core inflation was unchanged as well, at 3.9% yoy, also on unchanged prices on average in September alone. The media appears to be ...

Lula and Trump held a meeting yesterday, the Committee on MP 1,303 may vote on the rapporteur’s report, and Haddad confirmed that Lula will sign into law the income tax exemption bill as soon as this month
BRAZIL POLITICS · Report · 07 Oct 2025

Yesterday, President Lula held a meeting with U.S. President Donald Trump. An in-person meeting between the two may take place soon. This morning, the Joint Committee discussing Provisional Measure No. 1,303/25—which addresses the taxation of betting platforms and tax-exempt bonds—will attempt to...

Mr. Nagy speaks as well: the policy story continues
HUNGARY · In Brief · 07 Oct 2025

We apologise for coming back the second time within a single day. But as it happens, Mr. Nagy, the economy minister, appearing at the Budapest Economic Forum this morning, picked up the policy topic already touched upon by PM Orbán yesterday, and it seems that the two sets of comments need to be ...

August retail and industry figures: one mediocre, one miserable, plus an interesting comment from PM Orbán on central bank policy
HUNGARY · In Brief · 07 Oct 2025

Retail sales (volumes, seasonally and day-adjusted) grew 0.8% mom, 2.3% yoy, the latter following +2% yoy in July and +3.1% yoy in Q2. The fix-based KSH chart (Dec 2010=100) looks as follows: As it is optically observable as well, retail sales remain on a generally ascending trend, but the pace o...

The succession race one year out and other weekly topics
BRAZIL POLITICS · Report · 06 Oct 2025

Congress is racing to conclude the vote on Provisional Measure No. 1,303/25, which increases taxation on betting platforms and previously tax-exempt securities. The Income Tax bill is expected to reach the Senate, while the Lower House will receive the bill establishing the Managing Committee for...

Macroeconomic and geopolitical developments – Weekly report, October 6, 2025
ISRAEL · Report · 06 Oct 2025

This week, Israel returned from an extended Yom Kippur weekend to a single trading day (Sunday) before entering another holiday break for Sukkot. During the intermediate days of the holiday (Chol HaMoed, Wednesday, Thursday, and Sunday), business and financial activity will take place on a limite...

Synthesis of the Brazilian Economy
BRAZIL ECONOMICS · Report · 06 Oct 2025

OVERVIEW LULA AND THE EFFECTS OF HIS “BODY OF WORK” ON THE ELECTIONS Several factors have triggered a pendulum movement in expectations for next year’s presidential elections. The right suffered a major setback with Jair Bolsonaro’s conviction to 27 years and 3 months in prison for an attem...

Politics: USMCA review and the 2027 midterm elections are key to defining Sheinbaum’s second year in office
MEXICO · Report · 06 Oct 2025

Recently we presented an initial balance sheet of the first year of President Claudia Sheinbaum’s government in terms of economic performance and social indicators. In this report, we will consider the main political issues, their ramifications and possible scenarios for her second year in office...

The Minister of Tourism has decided to remain in office despite party pressure, the Committee on MP 1,303 may vote on the measure tomorrow, and the bill on the income tax exemption begins analysis in the Senate
BRAZIL POLITICS · Report · 06 Oct 2025

Tourism Minister Celso Sabino has decided to remain in office even after his party, União Brasil, ordered all members holding positions in the federal government to resign. As a result, the party has scheduled a meeting for Wednesday to decide whether to expel the minister. The Joint Committee di...

Economics: Further evidence of weaker activity according to September data
MEXICO · Report · 06 Oct 2025

Economic indicators released in September confirmed a slowing economy. Inegi’s industrial activity report for July shows the sector’s most pronounced contraction since October 2024, potentially setting the stage for a negative full-year contribution to GDP. Thus, chances for 2025 GDP growth would...

Stubborn inflation, desperate corporates
TURKEY · Report · 05 Oct 2025

The politics author starts with the story of the takeover of Ciner Holding on charges of money laundering. There is not much new in macro-politics, which shall be covered in depth in our upcoming monthly that we plan for next Sunday, while for the politics author the takeover of all Ciner Holding...

Georgian Dream sweeps local vote, as expected
CAUCASUS / CENTRAL ASIA · In Brief · 05 Oct 2025

The local elections held yesterday, Oct 4th, did not offer any surprises as the ruling Georgian Dream sailed to an easy victory. I argued recently that Georgian Dream is in the driver's seat with regard to the local elections, including because of the rifts in the opposition and its lack of succe...

External shock, internal fragility
VENEZUELA · Forecast · 03 Oct 2025

Venezuela’s economy is moving into dangerous territory: falling oil prices and a tougher U.S. foreign policy are fueling uncertainty and eroding the government’s ability to stabilize just as the depreciation–inflation spiral is gathering force. Chevron’s return to Venezuela (under the conditio...

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