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Financial News: BRAZIL: Ibovespa Falls On Profit-taking And Political Powe

BRAZIL: Ibovespa Falls On Profit-taking And Political Power Struggle

10/11/2017 - 18:33:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, fell 0.31% Wednesday, closing at 76,659.79 points amid a profit-making movement after rising by more than 1% to a new closing record a day earlier.

Also, reports on a power struggle involving the Brazilian President, Michel Temer, and the House of Representatives' speaker, Rodrigo Maia, weighted on Ibovespa.

"Maia indicates that he is uncomfortable with the Planalto Palace by stating that he should not pass government-sponsored measures. There is a deadlock between him and the government, and that is pushing the local markets", said Rafael Passos, an analyst at Guide Investimentos.

For Álvaro Bandeira, the chief economist at Homebroker Modalmais, Maia's statements were "strong," but they do not indicate a split between the speaker and the President. According to the economist, profit-taking was the main culprit in the Ibovespa's fall Wednesday.

The locally traded U.S. dollar closed lower on investors' expectations with the release of the minutes of the US Federal Reserve's Monetary Policy Committee meeting. However, after the release of the document, the greenback slightly oscillated against the Brazilian real and closed down 0.40%, quoted at R$ 3,172.

Brazilian markets will remain closed Thursday due to a national holiday.

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