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Financial News: BRAZIL: Ibovespa Falls 2.27% And Settles At The

BRAZIL: Ibovespa Falls 2.27% And Settles At The Lowest Level Since August

11/14/2017 - 18:19:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, closed down by 2.27% to 70,826.59 points on Tuesday - the lowest settlement since August 23 - amid lower commodity prices and by selling pressure on Petrobras' shares after the company reported a lower-than-expected profit for the third quarter.

"Today we have mainly falling commodities and a disproportionate reaction to the earnings report of Petrobras, which ended up melting and pulling everything down," said Eleven Financial chief strategist Adeodato Volpi Netto. Petrobras' preferred shares fell 7.75%, while its common shares dropped 8.18%.

According to Codepe Corretora's chief economist, José Costa, there was a strong selling pressure by large foreign banks, which took advantage of the R$ 266 million net income in the third quarter, below the R$ 2.4 billion projected by the market.

In the United States, an improvement in the October producer price index has raised speculation about new interest rates hikes in 2018. In Brazil, Netto and Costa said, there is no news about the progress of the pension reform talks and investors are expecting more changes in Michel Temer's government.

The locally traded U.S. dollar closed up 0.42% at R$ 3,312. Tuesday's session was marked by high volatility and stress in the global markets, impacting emerging countries currencies. The perception of increased risk in these economies and the fall in the price of commodities also contributed to the depreciation of the emerging currencies.

The Brazilian financial markets will remain closed Wednesday due to a national holiday.

For Thursday, there would be room for the Ibovespa to rise at the beginning of the trading session if the external scenario is less negative for commodities, Netto said.

"If nothing happens during the holiday, nothing very spectacularly negative, the index tends to come back a bit. The fall was very disproportionate," he said.

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