FOREX TradingCharts.com

Financial News: BRAZIL: Ibovespa Reaches Highest Level Since May After

BRAZIL: Ibovespa Reaches Highest Level Since May After Lula's Conviction

07/12/2017 - 20:24:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark Brazilian stock market index, rose 1.57%, to 64,835.55 points, after former President Luiz Inacio Lula da Silva was convicted of corruption and sentenced to nine and a half years in jail.

It was the highest closing level for the Ibovespa since May 17, only a day before Brazilian stocks collapsed because of an audio recording of a conversation between President Michel Temer and Joesley Batista, one of the JBS' owners, in which they discuss criminal matters.

Driven by news of Lula's conviction and higher oil prices, Petrobras shares (PETR3 +3.90%, PETR4 +4.95%) were the main highlight of the trading session.

The euphoria in the Brazilian market occurred because "even if this conviction is overturned [by a higher court], Lula's political capital may shrink," increasing the possibility of a pro-market candidate winning next year's presidential election, said Eleven Financial in a report.

Lula can appeal against the decision out of jail and may still run for president in 2018.

News of the former president conviction overshadowed discussions about corruption charges against the current Brazilian President, Michel Temer. The Senate decision last night to pass the labor reform bill also helped to diminish worries regarding Temer's political strength.

Analysts still have doubts about whether the Brazilian stock exchange should climb further. Hersz Ferman, an economist at Elite Corretora, notes that Temer may be unable to garner enough support from lawmaker to pass the pension reform, for instance.

The locally traded US dollar closed at the lowest level in almost two months, decreasing 1.41%, to R$ 3.2080 - the smallest closing level since May 8, when the greenback ended the day at R$ 3.1970.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Indonesia Likely To Hold Rates This Year Despite Weak Growth Momentum (18 min(s), 55 sec(s) ago)
(RTTNews) - Bank Indonesia is likely to keep its policy rate unchanged at least until the end of t ...Full Story»

RBNZ Unlikely To Raise Interest Rates Until 2019 On Weaker Inflation (08 min(s), 55 sec(s) ago)
(RTTNews) - The Reserve Bank of New Zealand is unlikely to raise its interest rate until 2019, as ...Full Story»

UK Budget Deficit Widens More Than Forecast (25 min(s), 55 sec(s) ago)
(RTTNews) - The UK budget deficit widened more-than-expected in June as debt interest increased no ...Full Story»

Croatia Jobless Rate Falls Further In June (07 min(s), 55 sec(s) ago)
(RTTNews) - Croatia's unemployment rate declined for the fifth straight month in June, figures ...Full Story»

Latvia PPI Climbs For Fifth Month (06 min(s), 05 sec(s) ago)
(RTTNews) - Latvia's producer prices increased for the fifth successive month in June, figures ...Full Story»

Ireland Factory Gate Prices Fall In June (27 min(s), 05 sec(s) ago)
(RTTNews) - Ireland's factory gate prices decreased for the first time in seven months in June ...Full Story»

Australian Financial System More Resilient To Shocks: RBA's Bullock (01 hr(s), 0 min(s),05 sec(s) ago)
(RTTNews) - The Australian financial system is more resilient to shocks than it was in the past, R ...Full Story»

Spain Trade Deficit Widens In May (01 hr(s), 08 min(s), 05 sec(s) ago)
(RTTNews) - Spain's foreign trade gap widened in May from a year ago, as imports grew faster t ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Indonesia Likely To Hold Rates This Year Despite Weak Growth Momentum

07/21/2017 - 10:10 AM (RTTNews)
(RTTNews) - Bank Indonesia is likely to keep its policy rate unchanged at least until the end of t ...Full Story>>

RBNZ Unlikely To Raise Interest Rates Until 2019 On Weaker Inflation

07/21/2017 - 10:00 AM (RTTNews)
(RTTNews) - The Reserve Bank of New Zealand is unlikely to raise its interest rate until 2019, as ...Full Story>>

UK Budget Deficit Widens More Than Forecast

07/21/2017 - 08:17 AM (RTTNews)
(RTTNews) - The UK budget deficit widened more-than-expected in June as debt interest increased no ...Full Story>>

Croatia Jobless Rate Falls Further In June

07/21/2017 - 06:59 AM (RTTNews)
(RTTNews) - Croatia's unemployment rate declined for the fifth straight month in June, figures ...Full Story>>

Latvia PPI Climbs For Fifth Month

07/21/2017 - 06:45 AM (RTTNews)
(RTTNews) - Latvia's producer prices increased for the fifth successive month in June, figures ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.