Brazil July Activity Drops More Than Expected
Economic activity in Brazil declined by 0.2 percent in July, marking the second consecutive month of contraction as high borrowing costs weigh on the region's largest economy. Policymakers are widely expected to lower interest rates further later today.
Economic activity in Brazil fell by a seasonally adjusted 0.2% in July from June, exceeding expectations for a 0.1% contraction. Latin America's largest economy has cooled as elevated borrowing costs weigh on domestic output. The dip marks the second consecutive month of contraction following a revised 0.9% drop in June.
