Brazil’s Financial Morning Call for February 2, 2026

Today’s Key Themes Brazil job creation slowdown → Added 1.279M formal jobs in 2025, weakest since 2020’s net loss, driven by services but hampered by 15% Selic rate and U.S. tariffs; signals fading labor momentum amid tight credit, pressuring household growth bets. Fiscal picture → Primary deficit R$55B (0.43% GDP) in 2025, with R$1T interest […]