FOREX TradingCharts.com

Financial News: BRAZIL: Ibovespa Rises For The 11th Consecutive Session

BRAZIL: Ibovespa Rises For The 11th Consecutive Session

01/08/2018 - 17:36:00 (RTTNews)

(RTTNews) - After trading slightly lower early Monday, the Ibovespa rose at the end of the day and ended 0.39% higher at 79,378.54 points, a new settlement record. It was also the 11th consecutive day of positive performance for the main Brazilian stock market index.

The late boost to Ibovespa came from the Brazilian Finance Minister, Henrique Meirelles. He denied that the government would change the so-called "golden rule" of public accounts, which forbids the federal government from taking loans to finance operating expenses. According to the current Brazilian law, only investments and debt refinancing can be funded by new debt.

There were rumors that the government would change the "golden rule" temporarily to avoid breaking the law, and that news raised concerns about a potential sovereign rating downgrade.

Meirelles, however, ruled out changes and reinforced pension reform as a way out of the current fiscal deficits.

"Meirelles has played a very important role. He is the protagonist of this scenario," said Leonardo Ramos, a partner at DNAInvest.

He added that better economic data, bets on the Congressional approval of the pension reform, and expectations that former Brazilian president Luiz Inácio Lula da Silva would lose a trial later this month - potentially being blocked of running in this year's election - also helped the Ibovespa move higher.

Shares of Vale (+2.22%) and steelmakers, such as CSN (+4.85%) and Gerdau (+3.49%), had the best performance, boosted by steel price increases in Brazil and higher iron ore prices abroad.

Meanwhile, the locally traded U.S. dollar rose against the Brazilian real for the first time this year. The greenback gained 0.12%, quoted at R$ 3,238. Statements by Meirelles and Dyogo Oliveira (Planning Minister) on the "golden rule" also affected the foreign exchange trading in Brazil.

For the next few days, while warning of a possible drop after 11 days of bullishness, analysts have remained optimistic.

"The market does not find a seller. The level of stock market volatility is low. I think the fall is not yet", Ramos said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


CCR: Company May Bid For Subway Lines In Peru And Colombia (08 min(s), 46 sec(s) ago)
(RTTNews) - Brazilian infrastructure firm Companhia de Concessões Rodoviárias (CCR) may take par ...Full Story»

ARGENTINA: President Macri To Travel To Moscow To Meet Putin (38 min(s), 46 sec(s) ago)
(RTTNews) - Argentinean President Mauricio Macri is expected to arrive at Moscow on Tuesday for a ...Full Story»

ARGENTINA: U.S. To Eliminate Import Duties To More Than 700 Products (32 min(s), 46 sec(s) ago)
(RTTNews) - Argentina will be able to export more than 700 products to the United States with a ze ...Full Story»

ARGENTINA: International Reserves Increased To US$ 55.055 Bln In December (24 min(s), 46 sec(s) ago)
(RTTNews) - The Argentinean central bank (BCRA) international reserves increased by US$ 491 millio ...Full Story»

U.S. Consumer Sentiment Unexpectedly Deteriorates In January (47 min(s), 46 sec(s) ago)
(RTTNews) - Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of January, ...Full Story»

Nobel Laureate Shiller Predicts Total Collapse For Bitcoin: Report (56 min(s), 46 sec(s) ago)
(RTTNews) - Bitcoin may "totally collapse" though it may linger for a century, Nobel Laureate Robe ...Full Story»

Use Of Bitcoin Under Investigation In Bali (25 min(s), 46 sec(s) ago)
(RTTNews) - The Central Bank of Indonesia has launched an investigation to see if bitcoin is being ...Full Story»

UK Retail Sales Fall Most Since Mid 2016 (59 min(s), 46 sec(s) ago)
(RTTNews) - UK retail sales in December declined more-than-expected from the previous month when c ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

CCR: Company May Bid For Subway Lines In Peru And Colombia

01/19/2018 - 15:43 PM (RTTNews)
(RTTNews) - Brazilian infrastructure firm Companhia de Concessões Rodoviárias (CCR) may take par ...Full Story>>

ARGENTINA: President Macri To Travel To Moscow To Meet Putin

01/19/2018 - 15:13 PM (RTTNews)
(RTTNews) - Argentinean President Mauricio Macri is expected to arrive at Moscow on Tuesday for a ...Full Story>>

ARGENTINA: U.S. To Eliminate Import Duties To More Than 700 Products

01/19/2018 - 15:07 PM (RTTNews)
(RTTNews) - Argentina will be able to export more than 700 products to the United States with a ze ...Full Story>>

ARGENTINA: International Reserves Increased To US$ 55.055 Bln In December

01/19/2018 - 14:59 PM (RTTNews)
(RTTNews) - The Argentinean central bank (BCRA) international reserves increased by US$ 491 millio ...Full Story>>

U.S. Consumer Sentiment Unexpectedly Deteriorates In January

01/19/2018 - 10:22 AM (RTTNews)
(RTTNews) - Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of January, ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.