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Financial News: BRAZIL: Ibovespa Rises On External Catalysts

BRAZIL: Ibovespa Rises On External Catalysts

10/24/2017 - 21:00:00 (RTTNews)

(RTTNews) - After dropping 1.28% Monday, the Ibovespa closed up 1.24% Tuesday at 76,350.19 points, reflecting the more positive external scenario, with higher commodity prices, and the expectation of investors on better domestic corporate quarterly results.

"Today's high has had a bit of an external and internal scenario, but it has to be seen as a recovery from the yesterday's downturn," said Rogério Freitas, an analyst at Florença Investimentos.

Among the main increases were Vale's shares (VALE3 3.42%) and steel companies, such as Gerdau (GGBR4 3.35%) and Usiminas (USIM5 3.63%), which accompanied the appreciation of the iron ore. Petrobras' shares (PETR4 1.79%) also rose on gains of more than 1% in oil prices abroad.

The locally traded U.S. dollar closed up 0.46%, at R$ 3,247, driven by the appreciation of the American currency in the external scenario, and also by the expectation of the result of the vote of the second criminal complaint against the President Michel Temer in the House of Representatives.

Meanwhile, the corporate balance sheet season should gain strength in the coming days and may help the Ibovespa. "Investors are keen on third-quarter corporate earnings, which may continue to propel the index, despite political uncertainties," said Ignacio Crespo Rey, an economist at Guide Investimentos.

The market is betting that Temer will be able to be shielded again, but will be attentive to the score of the vote to measure the president's ability to move ahead with a pension reform bill. Tomorrow's agenda also have the Brazilian central bank's Monetary Policy Committee decision on the interest rate, which should be reduced by 0.75 percentage points, according to analysts.

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