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Financial News: BRAZIL: Ibovespa Falls Amid Worries On Pension Reform

BRAZIL: Ibovespa Falls Amid Worries On Pension Reform

11/25/2017 - 09:33:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, closed down 0.44% at 74,157.37 points Friday, driven by the increase of investors' worries on the government's tight timeframe to get the pension reform bill voted by the House of Representatives.

The U.S. market, which operated only part-time due to Thanksgiving holiday, kept the Ibovespa under pressure. In the week, however, the index accumulated a 0.98% increase.

"Last week, the market had already given up on pension reform. That changed earlier this week. Temer resuscitated and showed efforts for approval, but that ended up withering away today," said Matheus Bantel, an economist at Florença Investimentos. Bantel points out that Temer works against the clock and from now on, each day without news about the pension reform is one less day to get the bill approved.

Meanwhile, after five consecutive trading sessions, the locally traded U.S. dollar closed up 0.34%, at R$ 3,233, reflecting uncertainties regarding the approval of the pension reform in Brazil and with investors awaiting news on the issue.

"The government wants to vote for the pension reform on December 5, but the market is a little bit skeptical," said Bernard Gonin, an analyst at Rio Gestão.

For Monday, Adeodato Volpi Netto, Eleven Financial's chief strategist, is optimistic and indicates that there is an upward trend for the index, which just did not rise today due to "lack of volume." Bantel foresees a negative trans if there is no new news about the pension reform.

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