Brazil’s GDP grew just 0.5% in the second quarter, less than half the prior gain, as households felt the weight of high interest rates. For Norvia, this kind of slowdown separates those who built cash discipline from those who were simply counting on the rate cutting cycle.

Brazil’s Central Bank opens the second half with the Selic rate starting at 14.25% and markets pricing in another 0.25 point cut. The direction of the cycle is set, but room for further cuts by December keeps shrinking.

Norvia's July Flash brings together the main developments in foreign trade, technology, capital markets and geopolitics. This edition highlights how tariffs, artificial intelligence, the stock market reopening and trade diversification shaped decisions by companies and investors throughout the month.