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Financial News: BRAZIL: Ibovespa Rises Amid Bets Temer Would Survive

BRAZIL: Ibovespa Rises Amid Bets Temer Would Survive House Vote

08/02/2017 - 20:48:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 0.93% to close at 67,135.99 points Wednesday, amid investor bets that the House of Representatives would block a corruption charge against President Michel Temer.

"Particularly, it is an important day in politics. The market is watching the House vote. It is expected that the government will be able to bury this allegation against Temer, preventing the country from entering again into a period of uncertainty. The game moves on," said Ignacio Crespo, an economist at Guide Investimentos.

Ultrapar's shares fell by 4.91% after Brazilian regulators barred Alesat's sale to Ipiranga. Cielo's shares dropped 5.02% after the company posted a decline in revenue during the second quarter. "[Cielo's] result revealed an intense competition landscape," said Pedro Galdi, an analyst at Magliano Consultoria.

The locally traded US dollar ended down, pressured by the expectation of a government victory in the House vote regarding the complaint against Temer. The US dollar fell by 0.15%, closing at R$ 3.1210.

For Thursday, Crespo indicates that there is room for profit-taking. The result of the House vote and China's service sector PMI could influence Ibovespa.

"China's data may contribute to the correction if [the PMI index] decelerates or stays below expectations," Crespo said.

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