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Financial News: BRAZIL: Ibovespa Breaks The 73,000 Barrier, But Recedes

BRAZIL: Ibovespa Breaks The 73,000 Barrier, But Recedes And Ends Unchanged

09/05/2017 - 22:15:00 (RTTNews)

(RTTNews) - After a positive start, the Ibovespa lost strength and closed near stability, rising just 0.03% to 72,150.88 points Tuesday, tracking the U.S. market amid renewed threats from North Korea. Investors were also wary of increasing their positions after mixed news regarding the Brazilian government stability.

Monday night, the attorney general office said that it could extinguish a plea-bargain deal with JBS, the Brazilian food company, amid evidence that a former prosecutor illegally helped the firm to reach an agreement with public attorneys.

Investors saw the news as positive to President Michel Temer, who was charged with corruption because of the evidence presented by one of JBS' executives, Joesley Batista.

The attorney general office, however, said that it would not drop the charges against Temer even if authorities decide to cancel JBS' plea-bargain deal, as the evidence collected so far are still valid.

Besides that, a Federal Police investigation uncovered that Geddel Vieira Lima, a former minister and close ally to Temer, allegedly concealed bags and boxes of money in a bunker - news that could destabilize Temer's government and increase the political cost of advancing with the fiscal reform in Congress.

Among the highlights today were Petrobras shares (PETR3 +0.88%, PETR4 +1.69%), which reflected the gains in oil prices abroad, and Eletrobras' shares (ELET3 +4.39%, ELET6 +2.63%). Meanwhile, JBS marked the biggest drop (JBSS3 -8.28%).

The locally traded dollar closed down 0.54%, priced at R$ 3,1210, influenced by the increased tensions between the United States and North Korea, which pushed investors away from the U.S. currency.

For analysts, in the short-term, the Ibovespa may maintain a positive trend, without ruling out some profit-taking after recent highs.

"The stock market has a clear upward trajectory, despite some punctual falls," said Toro Radar analyst Luana Nunes.

Among the main events expected for Wednesday is the decision of the central bank's Monetary Policy Committee (Copom), which can confirm a new rate cut in the Selic interest rate, encouraging the market players.

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