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Financial News: BRAZIL: Ibovespa Falls With U.S. Tax Reform And

BRAZIL: Ibovespa Falls With U.S. Tax Reform And Local Politics

09/27/2017 - 19:11:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, fell 0.7% Wednesday, closing at 73,796.70 points due to market players' concern about the outflow of U.S. dollars after the President Donald Trump announced that it would reduce taxes for companies.

"Trump's tax reform and the likelihood of higher interest rates there allows us to read that there will be repatriation of funds to the United States, leaving emerging countries," said Álvaro Bandeira, chief economist at Homebroker Modalmais.

Meanwhile, doubts over Michel Temer's strength to bar the second criminal complaint against him to reach the House os Representatives also weighed on Ibovespa, eclipsing Wednesday's hydroelectric auctions and hydrocarbons block biddings results.

The locally traded U.S. dollar closed another session higher (+0.82%), quoted at R$ 3,194. The international scenario once again led the greenback to increase against peer and emerging market currencies.

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