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(Bloomberg) -- Projection for Selic rate at end of 2018 was also reduced, to 7.5% from 8%, Itau says in report signed by chief economist Mario Mesquita.

• Previous IPCA projections were 3.7% for 2017 and 4.1% for 2018
  • Key risk factors for inflation scenario remain tied to domestic politics issues
• Itau also reviews external account projections
  • Bank projects trade surplus of $60b in 2017 and $47b in 2018 (versus previous $50b)
  • For current account, it projects deficit of $19b in 2017 (versus $23b) and $37b in 2018
• Bank projects GDP growth of 0.3% in 2017 and 2.7% in 2018
  • Projection for 2Q17 is of -0.2% versus 1Q17, based on a slight decline in agricultural GDP and unfavorable load of several GDP components after poor results in March

Original Story: Itaú reduz projeção de IPCA para 3,3% em 2017 e para 4% em 2018 To contact the translator on this story: Danielle Chaves in Sao Paulo at djelmayer@bloomberg.net Reporter on the original story: Daniela Milanese in Sao Paulo at dmilanese@bloomberg.net Editors responsible for the original story: Daniela Milanese at dmilanese@bloomberg.net Marisa Castellani, Danielle Chaves

(Bloomberg) -- Jana Partners in a 13D filing confirms its 5.8% stake in EQT Corp., including options to buy 1.86m shares.

• Jana intends to have talks with holders, board, mgmt
  • Aims to scuttle Rice Energy acquisition
  • Seeks to pursue an immediate breakup of EQT into a separately traded E&P business and midstream business
  • Wants to optimize capital allocation as well as board structure and composition
• Jana prepared to nominate directors, solicit proxies
• NOTE: Earlier, Jana Said to Take EQT Stake, Seek to Scuttle Rice Deal: WSJ
• RICE down as much as 7.4%; EQT pares earlier 2.9% gain

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News.

• ISM Manu 55.3; range 53.5 to 58 (74 estimates)
• ISM Prices 58.5; range 57 to 60 (8 estimates)
• • The prior ISM report showed little change in May at 54.9, suggesting factories were settling into a solid pace of expansion; 15 of 18 manufacturing sectors reported growth
• Const. Spend 0.3% m/m; range -1.2% to 0.8% (42 estimates)
• • In April, construction spending fell 1.4 percent, the sharpest drop in a year, amid declines in both residential and non-residential projects

(Bloomberg) -- General Motors U.S. June sales down 4.7% y/y vs est. down 3.4%.

• Says June average transaction prices unchanged y/y
• Mustafa Mohatarem, GM chief economist says "U.S. total sales are moderating due to an industry-wide pull-back in daily rental sales, but key U.S. economic fundamentals clearly remain positive,” Sees U.S. retail vehicle sales remaining strong "for the foreseeable future”
• Chevrolet June total sales down 6.4%
• GMC June total sales down 3.6%
• Buick June total sales up 16.4%
• Cadillac June total sales down 11.8%
• See Preview, GM supply chain, estimate chart

Statement To contact the reporters on this story: Morwenna Coniam in New York at mconiam@bloomberg.net; Esha Dey in New York at edey@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Morwenna Coniam

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News.

• Markit Manu. PMI 52.1; range 52 to 52.7 (10 estimates)