Today’s agenda: Highlighting Q3 GDP and US data | finance

Abroad, the United States publishes data on unemployment benefits.

Watch Thursday’s highlights:

FGV announces its Residential Rent Disparity Index for November – The Brazilian Institute of Economics of the Fundação Getulio Vargas (FGV-Ibre) releases a report at 8 a.m. on the Residential Rent Variability Index (Ivar/FGV) for November. IVR for October 2025 recorded an increase of 0.57%. The accumulated variance over 12 months recorded a strong acceleration, moving from 4.04% in September 2025 to 5.58% in October.

IBGE third quarter GDP report The Brazilian Institute of Geography and Statistics (IBGE) releases, at 9 a.m., the quarterly national accounts for the third quarter of 2025, with information on gross domestic product, the performance of economic sectors (agriculture, industry, services), household and government consumption, and others. Average forecasts of 70 financial institutions and consulting firms previously interviewed value It is a 0.2% growth in activity between July and September, seasonally adjusted, after rising 0.4% in the second quarter and 1.3% in the first quarter. The dispersion of estimates is wide, from a decrease of 0.5% to an increase of 1.4%. Regarding the third quarter of 2024, the average of 68 estimates indicates an increase of 1.7%, with expectations ranging from 0.3% to 3.2%. Compared to the same period of the previous year, GDP has been growing at a rate of more than 2% since the second quarter of 2022, recording 4.4% in the first quarter of 2023 and 4% in the third quarter of 2024. For 2025, the average forecast is growth of 2.1%, and for 2026, 1.8%. Brazil’s annual GDP has grown by at least 3% since 2021, following the pandemic shock in 2020.

Anfavea announces the performance of the automobile industry in November – Anfavia announces at ten in the morning the performance of the automobile industry for the month of November. The sector closed in October with 260.7 thousand registered vehicles, a decrease of 1.6% compared to October 2024 and an increase of 7.2% compared to the previous month. The month-on-month increase was mainly driven by the light vehicles segment. From January to October, total sales reached 2.17 million units, an increase of 2.2%. Brazilian automobile production grew by 1.8% in October compared to September, reaching 247.7 thousand units, but decreased by 0.5% compared to the same month in 2024. From January to October, production reaches 2.234 million light and heavy vehicles this year, an increase of 5.2%.

CNC Announces November Peic – At 10:30 a.m., the National Confederation of Trade in Goods, Services and Tourism (CNC) announces its Consumer Debt and Default Survey (Peic) for November. In October, the proportion of households reporting that they had outstanding debt continued to rise since February, reaching 79.5% in October 2025, the highest percentage in the historical series. The increase in debt in October was accompanied by a stabilization of the default rate, which remained at 30.5% after three months of rise. But the percentage of households that will be unable to repay their outstanding debts continued to rise, reaching 13.2%, again the highest percentage in the series.

Secex presents the November trade balance – The Secretariat of Foreign Trade (Secex) of the Ministry of Development, Industry, Trade and Services will present, at three in the afternoon, the result of the trade balance for the month of November. In the third week of November 2025, the trade balance recorded a surplus of $1.8 billion and trade flows of $12.1 billion, as a result of exports worth $7 billion and imports worth $5.1 billion. In the month, exports totaled US$21.2 billion and imports totaled US$17.2 billion, with a positive balance of US$4.1 billion and a trade flow of US$38.4 billion. In the year, exports totaled US$311 billion and imports US$254.5 billion, with a positive balance of US$56.5 billion and a trade flow of US$565.5 billion.

The Treasury holds the traditional LTN and NTN-F auctions – The National Treasury will hold a traditional auction of National Treasury Notes (LTN) and National Treasury Notes Series F (NTN-F) at 11 a.m. The LTN network to be introduced is due on October 1, 2026; October 1, 2027; July 1, 2029 and January 1, 2032. NTN-F matures on January 1, 2031 and January 1, 2035. The notes will be settled on Friday.

Eurostat presents eurozone retail sales for October – Eurostat, at 7 am (Brasilia time), presents the results of retail sales in the Eurozone in October. In the previous reading, there was a 0.1% decrease in margin and a 1.0% increase year-on-year. Expected increase of 0.1% (margin) and growth of 1.4% (annual).

US shows initial jobless claims for this week – The US Department of Labor shows, at 10:30 am (Brasilia time), the number of new unemployment insurance claims filed in the week ending November 29. The previous week, there were 216,000 initial applications. An estimated 220,000 new applications.

The Fed’s supervisory deputy speaks at the event – Federal Reserve Vice Chair for Supervision Michelle Bowman will speak at the 2pm event (Brasilia time).

The Bank of Japan releases the Reuters Tankan Index report for December – The Bank of Japan (BoJ, central bank) announces at 8 pm (Brasilia time) the Reuters Tankan Index for December, which includes a confidence index for major manufacturing companies. In the previous month, the index was 17 and the forecast was 12.

Japan reveals household consumption spending for October – The Japanese Ministry of the Interior and Communications reveals, at 8:30 pm (Brasilia time), household consumption spending data for October. The previous reading was a 0.7% decrease on margin and a 1.8% increase year over year. Expectations: +0.7% (margin) and +1% (annual).

Lula participates in the plenary session of the Economic and Social Council – At 10 am, President Luiz Inacio Lula da Silva will participate in the plenary session of the Council for Sustainable Economic and Social Development (CDESS), in Palacio Itamaraty. At 2:40 pm, there will be a meeting with the Special Secretary for Legal Affairs of the Civil House, Marcelo Wic, and at 3 pm, with the Minister of the Civil House, Rui Costa. At 4.30 pm, he participates in the meeting of the National Council for Science and Technology.

The National Conference votes on the 2026 budget law – The National Congress will meet at 11 a.m. to vote on the Budget Guidelines (LDO) bill, which provides guidelines for the preparation and implementation of the 2026 Budget Law.

INSS CPMI holds hearings and votes on applications – The Joint Parliamentary Committee of Inquiry (CPMI) of the INSS meets at 9 a.m. and votes on several requests requesting information and subpoenaing the heads of banks and financial institutions – including the head of the Master Daniele Forcaro – in relation to agreements related to salary loans. Also on the meeting’s agenda is the Confederation of African Football summoning Jorge Messias to testify. There will also be hearings for Silas da Costa Vaz, Secretary of Conafer, and Américo Monte Júnior, President of the Amar Brasil Clube de Benefícios (ABCB).

Senate Committee on Civil Code discusses artificial intelligence – The Senate Temporary Committee to discuss the civil law reform project will discuss at ten in the morning the implications related to artificial intelligence.

STF governs the agreement between Union and Axia – At two o’clock in the afternoon, the Federal Supreme Court will resume a trial discussing the approval of the agreement concluded between the Federation and Ixia (formerly Eltropras) to compensate for the decrease in the government’s voting power on the company’s board of directors after its privatization.

Internal agendas are carried out by Gallipolo and managers – Central Bank President Gabriele Galipolo and six of the institution’s directors are expected to issue internal orders. Board members in a period of silence before the Monetary Policy Committee (COPOM) meeting.

BC Director meets with Abracam’s President and advisors – Director of Supervision at the Central Bank, Ailton de Aquino, receives, at 8.30 am, the CEO of the Brazilian Foreign Exchange Association (Abracam), Kelly Massaro; Executive Presidency Advisor José Augusto Varanda, and Advisor Márcio Antonio Estrella. Renato Gomez, Director of Financial System Regulation and Resolution, will participate in the opening of the plenary session of the 27th PEX Forum at 2:30 p.m.

Mercadante participates in the plenary session of CDESS – The President of BNDES, Aloisio Mercadante, will be in Brasilia and will participate at 9 am in the sixth plenary meeting of the Council for Sustainable Economic and Social Development of the Presidency of the Republic (CDESS).