Brazil federal government ended 2019 with a primary deficit of R$95.1 billion ($22.5 billion), the lowest fiscal loss in five years, the National Treasury reported. It was the sixth consecutive year that the government spending exceeded taxes and tax revenues. Only in 2014 the deficit in the Brazilian accounts managed to be lower than in 2019, when the accounts registered negative results of the order of R$23.5 billion.
Banco Santander Brasil SA reported a 9.4% rise in fourth-quarter net income from a year earlier, mainly due to consumer lending and fees. Recurring net income, which excludes one-off items, came in at 3.726 billion reais ($890.83 million), roughly in line with the 3.859 billion reais analysts were expecting, according to Refinitiv data. ($1 = 4.1975 reais).
The U.S. Commerce Department launched anti-dumping investigations into wood moulding and millwork product imports from Brazil and China worth about $500 million annually. Seven U.S. manufacturers has reported possible anti-dumping duties of 86.7% for products from Brazil and 181.2% to 359.2% from China. Preliminary results are expected on Feb. 24.