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Financial News: BRAZIL: Ibovespa Falls As Traders Turn Cautious Ahead

BRAZIL: Ibovespa Falls As Traders Turn Cautious Ahead Of Data

08/28/2017 - 20:52:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, closed slightly down (-0.08%), at 71,017.19 points Monday, with traders turning cautious before the release of data regarding job creation in the United States and Brazil's Gross Domestic Product (GDP).

Also, a possible new criminal complaint against the Brazilian President Michel Temer kept some investors out of the game.

According to H.Commcor's chief operating officer, Ari Santos, the market players expect that any potential complaint against Temer will come out in the next few days before the attorney general Rodrigo Janot leaves office.

"Today's decline is not a profit-taking move consistent with recent highs, but marks the cautiousness of a complicated start to a week that promises many important indicators, such as the GDP of the United States and Brazil," said Pedro Galdi, an analyst at Magliano Consultora.

In the business sector, bank stocks fell, while Vale's shares rose despite the slowdown in the price of iron ore abroad. Bradesco's preferred shares lost 1.53%, Itaú Unibanco's shares fell 0.87%, and Banco do Brasil's common shares dropped 0.93%. Vale's preferred shares rose 1.56%.

Meanwhile, the locally traded U.S. dollar rose 0.25%, closing at R$ 3.1640, with investors waiting for relevant economic data. Possible news on the local political front has also collaborated to keep the currency around R$ 3.16.

For Tuesday, Santos says, the market trend depends on the possibility of a new complaint against Temer. Galdi sees chances for a slight rise, inflated by the vote favorable to the final text of the Long-Term Rate (TLP) institution in the Senate.

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