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Financial News: BRAZIL: Ibovespa Falls Amid Fears Of A Global

BRAZIL: Ibovespa Falls Amid Fears Of A Global Trade War

03/25/2018 - 09:34:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, closed lower (-0.46%) for the second session in a row, at 84,377.19 points Friday in a volatile trading day amid fears of a global trade war. In the week, the index had a 0.60% fall.

"There is a noise in world trade. But this is only causing the stock market not to rise," said Rogerio Freitas, an analyst at Floren?a Investimentos.

U.S. stock markets closed down by more than 1 percent, reacting to China's import duties to U.S. fruits, pork and metal products, which are expected to hit US$ 3 billion. The Chinese duties are a response to the higher steel and aluminum tariffs imposed by Washington and the decree signed to create up to US$ 60 billion in barriers to other Chinese imports.

Among the stocks that prevented the Ibovespa from falling further were those of Petrobras +0.46%), supported by a rise of more than 2% in oil prices abroad, and the prospect that it may receive compensation after a deal with the Brazilian government. The shares of banks, such as Ita? Unibanco (+0.30%) and Bradesco (+0.60%) also closed higher.

Meanwhile, Est?cio (-3.49%) and Kroton (-3.85%) recorded the largest drops in the Ibovespa. The papers tracked the losses of more than 21% in the shares of Ser Educacional (-21.23%), which is not in the Ibovespa but presented negative financial results.

The postponement of the habeas corpus trial of former president Luiz Inacio Lula da Silva and the decision that he can not be arrested until at least April 4 had little impact on the Ibovespa, although the market sees the decision as negative.

The locally traded U.S. dollar closed higher, quoted at R $ 3,319 (+0.27%), at the highest level of the day, renewing once again the highest level of the year due to the trade war fears. In the week, the greenback rose 1.21% against the Brazilian real.

For the next week, analysts believe that the Ibovespa should continue to reflect the uncertainties in world trade, noting that the week will be shorter, with a holiday on Friday due to Easter.

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