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Financial News: BRAZIL: Ibovespa Falls More Than 1% On Tuesday

BRAZIL: Ibovespa Falls More Than 1% On Tuesday

01/23/2018 - 19:37:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, fell 1.22% to 80,678.34 points Tuesday, with investors more cautious on the eve of the trial of former Brazilian President Luiz Inacio Lula da Silva. The almost 4% drop in iron ore prices in China also weighed on Ibovespa, causing a decline of 4.17% in Vale's shares.

"The market has entered the waiting period. Caution has gained strength," said Magliano Corretora analyst Pedro Galdi. According to him, investors expect Lula to be unanimously convicted.

"Anything other than this can bring more stress to the market," said the analyst.

A conviction of the former president in Wednesday's trial may be a hurdle to Lula's participation in this year's election.

Leonardo Ramos, a partner at DNAinvest, noted that "what is favorable for the market is unfavorable for Lula."

Ramos says there is uncertainty about the trial result and what steps the former president's defense attorneys will follow.

Both Ramos and Galdi do not expect the index to fall as much tomorrow as it does today, but they do not project any bullishness.

"Tomorrow will reach a point where no one will make a decision, nor go out selling everything, nor go out buying everything, without having the trial result," said Ramos.

Meanwhile, also influenced by Lula's trial, the foreign exchange market gained momentum, and the locally traded U.S. reached the third highest price of the year against the Brazilian real. The Greenback rose 0.90%, quoted at R$ 3.239.

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