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Financial News: BRAZIL: Ibovespa Falls With Political Tension, Vale And

BRAZIL: Ibovespa Falls With Political Tension, Vale And Steelmakers

10/09/2017 - 20:58:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, fell 0.43%, closing at 75,726.80 points Monday in a day of reduced trading volume due to a holiday in the United States.

In the local scene, Ibovespa's performance was affected by doubts on the loyalty of Rodrigo Maia, the House of Representatives' speaker, to the Brazilian President, Michel Temer.

Market players now have doubts that Maia would again shield Temer after a new criminal complaint was addressed to the Congress.

"It is becoming increasingly difficult to approve pension reform, and the market is seeing signs that Maia could leave Temer by himself," said José Costa, an economist at Codepe Corretora.

Meanwhile, the deceleration of the purchasing managers index in China weighed on Vale's and steelmakers' shares. Vale's shares fell 1.99%, Usiminas shares lost 1.71%, and CSN shares dropped 3.21%.

The locally traded U.S. dollar rose for the third consecutive trading session (+0.85%), to R$ 3.1870, tracking the greenback appreciation against the currencies of emerging countries. Monday's movement reflected the increased tension between the United States and Turkey and the expectation of an increase in the U.S. basic interest rate.

Both Costa and Pedro Galdi, an analyst at Magliano Corretora, noted that Monday's movement at Ibovespa was too much influenced by profit-making. Galdi expects Ibovespa to remain between fall and stability during the week because of Thursday's holiday in Brazil. Costa said that the improvement at the end of the trading session made room for the index to open higher Tuesday.

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