Sep 02

Just When You Thought It Couldn’t Get Worse For Brazil…:

After last Friday’s GDP print which confirmed that Brazil slid into recession during Q2 – a quarter in which Brazilians suffered through the worst inflation-growth outcome in at least a decade – and after July’s budget data which confirmed that the country’s fiscal situation is a veritable nightmare, we got a look at industrial production today and boy, oh boy was it bad. So bad in fact, that it missed even the lowest analyst estimate.

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