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Financial News: BRAZIL: Ibovespa Falls After China Retaliates On U.S.

BRAZIL: Ibovespa Falls After China Retaliates On U.S. Duties

04/02/2018 - 18:34:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, closed down 0.82% at 84,666.43 points Monday, after China introduced import tariffs to 128 products imported from the United States, increasing fears of a trade war between both countries. The Dow Jones index fell 1.9%, while the S&P 500 lost 2.23%.

"We have an external scenario of greater risk aversion because of China's duties on 128 American products, which contributed to the strong drop here, and there is the raid between Trump and Amazon, which weighed on the technology sector," said Vitor Suzaki, an analyst at Lerosa Investimentos.

Among Ibovespa's heavyweights, Vale ended higher and prevented further losses in the index as traders reacted to changes in the mining company's dividend policy, said Terra Investimentos analyst Christian Lupinacci. Petrobras, however, lost 2.65% as traders squared positions before the Supreme Court decision on whether former president Lula can remain free, even after his conviction in a lower court.

Shares from Ecorodovias recorded the deepest decline today (-5.14%) amid news that the company showed up in the investigations of Operation Car Wash. Braskem's shares fell 2.94%, while CCR's shares lost 2.88%.

Meanwhile, the locally traded U.S. dollar rose 0.36%, quoted at R$ 3.313, amid the climate of risk aversion abroad due to the tension between the United States and China.

For Tuesday, Suzaki noted that the index move might depend on the result of February's industrial production in Brazil. Lupinacci projects a day between neutral and negative due to the foreign market and Lula's habeas corpus trial.

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