Markets · Macro

—The number. Brazil’s central bank said its monthly GDP proxy, the IBC-Br, rose 0.5% in April from March, with seasonal effects stripped out.

—Slightly soft. That was a touch below the 0.6% economists polled by Reuters had expected, but still the third gain in four months.

—What drove it. Industry rose 0.4% and services 0.3%, while farming was flat on the month.

—Wider view. The index was up 0.9% on the year, 1.6% over twelve months, and 1.2% across the quarter to April.