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Financial News: BRAZIL: DI Rates Open Higher Impacted By Exterior

BRAZIL: DI Rates Open Higher Impacted By Exterior And Domestic Politics

06/05/2018 - 14:51:00 (RTTNews)

(RTTNews) - The one-day interbank deposit futures rates (DI rates) in Brazil opened higher amid a pause in the rally for risky assets abroad and fears related to the domestic political landscape within months of the presidential election. A new voting intention poll shows that "radical" candidates are ahead, souring the mood of investors.

Icatu Vanguardas' multimarket strategist Dan Kawa said that the external scenario has dawned more stable, with a new round of pressure on emerging assets such as Mexico and Turkey. "In Brazil, an electoral survey shows the consolidation of the polarization scenario."

He referred to a survey released by the website Poder 360 showing the far right winger candidate Jair Bolsonaro in the lead, tracked by the "far-left" candidate Ciro Gomes.

"A polarization scenario is consolidated, which is not well received by investors," he said.

As Ciro keeps on rising in the polls, Workers' Party's Fernando Haddad also emerges, while pro-market candidates such as Geraldo Alckmin and Marina Silva show weaker performance.

"The point is that a leftist candidate has been more competitive than a pro-market candidate," a senior trader at a local brokerage firm noted.

As a result, the futures rates market left behind the industry's above-than-expected growth in April (+0.8%). Even because this data must be seen by the rear view.

"In May, industry confidence indicators remained stable and activity should be penalized by the effects of the truckers' strike," CM Capital Markets said.

Near the middle of the session, the January 2019 DI contract rate was at 6.745%, from 6.71% in the previous session, while the January 2020 DI rate rose to 7.67%, from 7.62%. The January 2021 DI contract rate was at 8.80%, from 8.76%.

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