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BRICS Without Straw

• Beijing’s domineering drive to enlarge the BRICS group as a counterweight to the G7 is rooted primarily in the CCP’s need to internationally promote its autocratic governance model. That aids the domestic justification while, paradoxically, Xi Jinping’s policies turn China increasingly inward.

By Alastair Newton

Brazil industrial production -1.14% y-o-y (consensus -0.5%) in Jul-23

- Brazil's industrial production experienced a significant decline of 1.14% year-on-year in July 2023, marking the lowest growth since April 2023 and undershooting the -0.5% consensus.
- The current performance of industrial production falls significantly below the one-year average by 1.08 percentage points and deviates by 1.75 percentage points from the long-run average, highlighting potential ongoing challenges in the sector.

Brazil PMI services 50.6 in Aug-23

- The PMI for services in Brazil reached its highest level since June 2023, recording a reading of 50.6 in August 2023, indicating a slight expansion in the sector.
- However, the current reading is 1.36 points below the one-year average, pointing towards a moderation in the pace of growth.

Brazil PMI manufacturing 50.1 in Aug-23

- Brazil's manufacturing PMI increased to 50.1 in August 2023 from 47.8 in the previous period, signaling modest expansion in the sector.
- This is the highest level the PMI has reached since October 2022, indicating an ongoing recovery in manufacturing activity in Brazil.