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Financial News: BRAZIL: Ibovespa Reduces Losses With Statements On Pension

BRAZIL: Ibovespa Reduces Losses With Statements On Pension Reform

11/27/2017 - 20:30:00 (RTTNews)

(RTTNews) - After falling by more than 1 percent in the morning, the Ibovespa reduced losses throughout the afternoon to close with a slight fall (-0.13%) at 74,058.91 points Monday, with investors a little more optimistic about the pension reform bill vote.

Investors' worries were softened by statements by the Finance Minister Henrique Meirelles and the speaker of the House of Representatives, Rodrigo Maia, pointing out that it is still viable to vote the pension system reform in the House of Representatives by December.

The improvement in the benchmark stock index in Brazil was also driven by the shares of banks, such as Itaú Unibanco (+0.38%). Gerdau Metalúrgica (+3.22%) also had a strong performance, while Petrobras shares (-1.43%) tracked falling oil prices abroad.

Regarding the statements on pension reform, Ari Santos, the H. Commcor operations manager, noted that Brazilian officials are saying what they think investors want to hear.

"There is no big news," he noted. However, Santos points out that if a date is set for voting on the proposal, the indication is that the government believes it will have enough votes.

Elite Broker economist Hersz Ferman also sees a dubious scenario, although he highlights the government's effort to put the proposal to a vote early next month.

"I do not think that the government will put it to a vote if it thinks that it does not have enough votes," he said.

Both economists predict that the pension reform should continue to be the main driver of the Brazilian stock market in the coming days.

The locally traded U.S. dollar fell 0.4%, at R$ 3.22, influenced by the external scenario of lower aversion to risk and also by Meirelles' and Maia's comments on the pension reform.

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