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Financial News: BRAZIL: Ibovespa Up 2.5% Rebound From Monday's Sharp

BRAZIL: Ibovespa Up 2.5% Rebound From Monday's Sharp Decline

02/06/2018 - 20:35:00 (RTTNews)

(RTTNews) - The Ibovespa rose 2.48% Tuesday, closing at 83,894.03 points in a day of rebound after Monday's turmoil in the U.S. markets. On the domestic front, Itaú Unibanco's result fueled financial sector stocks.

"Yesterday was a test for the market as a whole. That signaled that if interest rates rise in the United States, the market could collapse. But the message given today is clear: raising with volume above R$ 16.9 billion means that the market is bought and which yesterday was just a scare," said the chief economist of Codepe brokerage, José Costa.

For the chief economist of Gradual Investimentos, André Perfeito,Tuesday's rise was led by the rebound from Monday's drop.

In the business segment, Itaú Unibanco's fourth-quarter results stimulated a 3.59% increase in the bank's shares and helped financial sector stocks such as Bradesco and Banco do Brasil to rise 2.38% and 4.38%, respectively.

For Wednesday, Perfeito foresees that the Brazilian market should continue to track foreign markets and that the result of the meeting of the central bank's Monetary Policy Committee (Copom) is already priced. Costa, however, sees room for the index to continue rising, without the external interference.

Meanwhile, in a day of volatility, with global assets reversing the stress of Monday's session in adjustments, the locally traded U.S. dollar closed down, but near to stability (-0.03%), quoted at R$ 3.247.

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