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Financial News: BRAZIL: External Caution Impacts As Ibovespa Falls In

BRAZIL: External Caution Impacts As Ibovespa Falls In Fed Meeting Week

06/11/2018 - 18:28:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed down 0.86% at 72,307.77 points Monday, in the face of greater caution on the eve of the meeting of the U.S. Federal Reserve's monetary policy committee.

Uncertainties regarding the domestic electoral scenario also weighed after a new DataFolha survey showed a great possibility of a second round between Jair Bolsonaro and Marina Silva in October.

"The scenario remains challenging for emerging countries in general. The Brazilian five-year CDS rises more than 1%. Politics has been increasingly interfering, but yesterday's survey did not stir the market so much, only kept it on the negative side," said Guide Investimentos economist Ignacio Crespo.

According to him, the meeting of the Fed and the talks between Donald Trump and Kim Jong Un, leader of North Korea, were points that intensified an already existing caution among investors.

In the business field, the banking sector pulled the Ibovespa down. "Banks have fallen all day without a specific reason. Banks have been keeping volatility down for some time now, there is an adjustment of positions," said H. Commcor's chief operating officer Ari Santos.

Itau Unibanco's shares fell 2.89%, while Bradesco's stocks lost 1.89%, and Banco do Brasil's receded 3.3%. Meanwhile, Usiminas's shares fell 4.94%, while Kroton shares decreased 4.35% and Cielo's were 3.77% lower. On the positive end, CCR shares rose 4.84%, while Eletrobras' increased 4.8%.

The locally traded U.S. dollar closed up 0.51%, to R$ 3.7280, reflecting the rise of the American currency against emerging countries. Investors are wary of waiting for a full week of indicators and events, most notably the Fed's meeting on Wednesday.

The rise in the dollar was not higher because the Brazilian Central Bank acted stronger today, with almost US$ 3 billion in two operations offering 58,800 traditional currency swap contracts.

For Tuesday, the consulted analysts indicate that the bias is still negative.

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