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Financial News: BRAZIL: Ibovespa Rises After Five-day Slump Despite Invest

BRAZIL: Ibovespa Rises After Five-day Slump Despite Investor Caution W/ Fed

03/20/2018 - 20:10:00 (RTTNews)

(RTTNews) - After five trading sessions down, the Ibovespa closed slightly higher (+0.30%) Tuesday at 84,163.80 points, pulled higher by steelmakers shares but capped by caution before the monetary policy decisions of the U.S. Federal Reserve (Fed) and the Brazilian central bank, both expected for Wednesday.

"The market is in standby, there is a fear that the Fed may be more aggressive tomorrow and every precaution is needed," said DNAInvest partner Leonardo Ramos.

There is a fear that the new Fed chairman, Jerome Powell, who will head the meeting of the monetary authority for the first time, may indicate higher interest rates than expected.

Investors are also waiting for a tariff resolution on imported steel announced by the U.S. President Donald Trump. Brazil is trying to be exempted from the measure. Faced with this expectation and amid positive data on steel sales, steelmakers stocks closed higher, such as Gerdau's (+4.72%) and Usiminas (+1.94%). The shares of Vale (+1.22%) and Petrobras (+1.10%) also had a more positive day.

The locally traded U.S. dollar rose 0.73%, quoted at R$ 3.309 - the highest closing level of the year - amid speculation about the interest rates in the United States.

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