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Financial News: BRAZIL: Ibovespa Rises 1% With 'Lula Effect,' Softer

BRAZIL: Ibovespa Rises 1% With 'Lula Effect,' Softer Tone On Trade War

04/05/2018 - 19:46:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 1.01% to 85,209.66 points Thursday, influenced by the Supreme Court's rejection to a habeas corpus request by former President Luiz Inacio Lula da Silva, slashing his odds of being a candidate for this year's elections. Abroad, the suggestions that the United States and China could negotiate tariffs has reduced the fears of a trade war.

"The rejection of Lula's habeas corpus minimizes the chance of having him in the electoral race, and takes away a fear of the market," said Rafael Passos, an analyst at Guide Investimentos. Without Lula as a candidate, investors increase bets on the victory of a candidate more keen to economic reforms, such as the pension one.

According to Lerosa Investimentos analyst Vitor Suzaki, there was also "a reduction of fears of a trade war, with possible negotiations between the United States and China on tariffs."

Suzaki pointed out that Gerdau - the company that had the biggest increase in the shares of the index today - would be one of the great Brazilian beneficiaries of this negotiation between China and the United States. Metalurgica Gerdau's shares rose 7.09%, and Gerdau's shares gained 6.71%. Petrobras' preferred shares rose 3.78%.

On the other side of the index, BRF shares fell 4.81% - the biggest drop in the index - with rumors that Abilio Diniz may not leave his board position. RD shares fell 2.99%, and Bradesco's common shares dropped 1.87%.

The locally traded U.S. dollar closed almost steady (+0.02%), quoted at R$ 3,342, reflecting the habeas corpus rejection and the cooling of the situation between China and the United States.

For Friday, the job creation data for March in the United States would be the main indicator on which side the market should monitor.

"If it turns out stronger, it could be more negative for risky assets and positive for the dollar," Passos noted. In the domestic field, the market wait is for Henrique Meirelles' decision to run for president and the imminent arrest of Lula since in the late afternoon the Justice Sergio Moro ordered him to present himself to be jailed.

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