Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
US Stock Futures Rise as Markets Await July Payrolls Data 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
US Dollar Gains as Iran Tensions, Fed Rate Hike Bets Rise 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Gold Prices Steady as Hormuz Tensions Fuel Fed Rate Concerns 
Singapore Says One-Third of U.S. Exports Hit by New 12.5% Tariff 
Philippine GDP Growth Slows to 2.3% in Q2 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
Wall Street Ends Mixed as Dow Hits Record Despite Tech Weakness 
The current recession in Brazil is now the longest since the 1930s and the situation still remains extremely challenging. The Brazilian economy illustrates signs of cyclical and structural weakness. GDP outlook for 2016 is weak. Still-muted domestic and external demand point to a contraction in GDP for 2016 of around -2.5%.
Inflation remains a severe problem for the Brazilian authorities and the latest data shows a y/y rate of 10.7%, the highest in the emerging markets. The severe declines in commodity prices pose significant structural challenges for Brazil. Political developments also a setback, with the on-going corruption scandal threatening to create more tension for the government over the coming months.
The only bright spot for Brazil is the external accounts which shows a notable improvement. The current account deficit contracted by nearly 1% over the course of 2015, with the deficit now printing around -3.3% of GDP.
