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Financial News: BRAZIL: Ibovespa Falls For The Third Straight Session

BRAZIL: Ibovespa Falls For The Third Straight Session On Geopolitical Tension

09/25/2017 - 22:30:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed down 1.25% at 74,443.47 points Monday, with investors continuing the profit-taking movement started last Thursday in the face of a negative external scenario.

"We are being influenced by the exterior and also by a movement of profit-taking after nine weeks with the stock market going up a lot," said Hersz Ferman, an economist at Elite Corretora.

After hitting historic records recently, many analysts say that the Ibovespa is undergoing a healthy correction.

Amid the geopolitical tension, the highlight was the statement by North Korea's Foreign Minister Ri Yong Ho, who considered that the United States had 'declared war' on Pyongyang and that the Asian country is considering 'all possible responses' against Washington.

Meanwhile, the result of the German election is still being assimilated, since despite Chancellor Angela Merkel has won, she has lost thousands of votes to the far-right, and may find it difficult to obtain support to pass bills in the Bundestag.

Among the largest downsides today were Vale's shares (VALE3 -2.57%) and steelmakers, such as Usiminas (USIM5 -12.45%), which still accumulate strong highs in the year, but were impacted by recent losses of iron ore abroad.

The international scenario strongly also influenced the foreign exchange market. The locally traded U.S. dollar ended the day quoted at R$ 3,1590, rising 0.95% against the Brazilian real.

For the rest of the week, analysts believe that the rising geopolitical tension will continue to weigh, in addition to the local political scene. A second criminal complaint against the President Michel Temer should delay the vote on the pension reform bill in Congress.

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