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Financial News: BRAZIL: Ibovespa Falls 1.15% Amid Investor Caution And

BRAZIL: Ibovespa Falls 1.15% Amid Investor Caution And Weak Data

03/19/2018 - 19:31:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, closed 1.15% lower at 83,913.07 points Monday amid falling iron ore prices - which affected Vale's shares (-2.83%) - lower economic activity in January and investors' cautious stance before interest rate decisions in Brazil and the United States.

"Until something comes out of the Fed at the first meeting chaired by [Jerome] Powell, the market should fall. He may talk about gradualism" in normalizing U.S. interest rates, said Mirae Corretora analyst Pedro Galdi.

According to DNAinvest partner Alfredo Sequeira, the economic activity index decline in January compared to December, along with weak data about the service sector revenue reported last week, shows that Brazilian economic recovery is tepid.

"The story that the Brazilian economy is growing is not proven. Moreover, there is an increase in global geopolitical tension, so all stock markets are falling," he noted.

The analysts also said that a collective habeas corpus petition by the Cear state Bar Association in the Brazilian Supreme Court (STF) handed over to the Justice Gilmar Mendes helped the Ibovespa to fall, since it is expected that the judge accepts the request - and with that, open the way for the bid of Luiz Incio Lula da Silva for president.

Most investors and financial market analysts believe that Lula's election to the presidency would be detrimental because it would disrupt the process of fiscal adjustment.

For Tuesday, analysts say there is little chance that the Ibovespa will rebound.

The locally traded U.S. dollar rose 0.18%, quoted at R$ 3.285, amid investors caution on a global scale, with the dollar advancing against emerging currencies.

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