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Financial News: BRAZIL: Ibovespa Falls On Doubts Regarding Reforms In

BRAZIL: Ibovespa Falls On Doubts Regarding Reforms In Brazil, U.S.

11/09/2017 - 18:23:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed down 1.93% at 72,930.68 points on Thursday, giving back almost all of Wednesday's increase in the face of renewed doubts on the advance of the pension reform bill in the Brazilian Congress. The drop in the U.S. stock market amid uncertainty regarding the country's tax reform also hit Brazilian stocks.

"In the United States, the tax reform began to face hurdles in the Senate, which stated that it would happen only in 2019. That led the stock market to fall, reflecting on Ibovespa," said Matheus Bantel, an economist at Florença Investimentos.

According to Sandro Dias, from DNAinvest, Ibovespa's fall was primarily driven by the political scenario regarding the pension system reform.

"At the end of yesterday afternoon [President Michel] Temer tried to make an effort, but the market and his allied lawmakers know that the pension reform cannot go through," he said.

The locally traded U.S. dollar ended slightly lower against the Brazilian real (-0.09%), at R$ 3,261, after a volatile session, while investors wait for definitions regarding the pension reform. The greenback also tracked the external scenario, where it lost strength against major and emerging currencies with the lack of definition regarding a tax reform in the United States.

For Friday, both Dias and Bantel think that the Ibovespa should continue falling, but could change its course if the government shows more effective actions to promote social security reform.

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