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Financial News: BRAZIL: Ibovespa Falls Almost 2% As Doubts About

BRAZIL: Ibovespa Falls Almost 2% As Doubts About Pension Reform Increase

11/29/2017 - 22:17:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, fell 1.94%, closing at 72,700.45 points Wednesday due to increasing uncertainty regarding the approval of the pension reform bill in Congress.

"There is no firmness of the government regarding how many votes you have to approve the pension reform. Time is running out," said José Costa, an economist at Codepe Corretora, about the chances of a favorable House floor vote on the pension reform next week.

He also noted some noise regarding the support of PSDB, one of the government coalition parties, to the legislation.

News from abroad also weighed on the index, as data showing a stronger U.S. economy expansion increased expectations of further increases in the country's interest rate - an event that could reduce investment flows to emerging markets in the long term.

The locally traded U.S. dollar closed up 0.93%, at R$ 3.24, helped by a 3.3% increase in the United States' GDP in the third quarter, which raised the Treasuries. The greenback was also boosted by the perception that the Brazilian government is losing the strength to approve the pension reform after the PSDB left the ruling base.

For Thursday, Codepe's economist expects a downward pressure due to the lack of news on the pension reform that could be considered good news for investors.

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