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Global Economy

Brazil's Planning Minister says to phase out subsidy for diesel more slowly than for gasoline; to meet 2026 fiscal target without the need for additional measures; oil export tax may be scrapped this month or cut below 12% level

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No significant easing in spending pressures in sight. Dividend tax shortfall to be offset by stronger revenue elsewhere. BRL 23.7bln budget spending block could be partially eased this month

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Geopolitics

Gulf official tells CNN “50:50” chance US and Iran could reach deal by Friday, CNN reports; Iranian delegation does not include IRGC, which would need to sign off on details of provisional agreement

Geopolitics

The draft agreed to by Iranian and Omani negotiators awaits final approval from Iran’s supreme leader, two regional officials told The Associated Press on Wednesday

U.S. Economy

US ADP Employment Change (Jul) 44K vs. Exp. 70K (Prev. 98K)