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Financial News: BRAZIL: Ibovespa Rises On U.S. Tax Reform And

BRAZIL: Ibovespa Rises On U.S. Tax Reform And Compulsory Rate In Brazil

12/20/2017 - 22:32:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed up 0.94%, at 73,367.03 points, reflecting the approval of the tax reform in the United States and the reduction of the compulsory rate collected by the banks in Brazil, which should help accelerate economic activity. The strong high of Vale's and steelmakers' shares also boosted the index.

"There is an expectation that the tax reform can be beneficial to the United States and the world, as it can stimulate the country's economy," said José Costa, an economist at Codepe Corretora.

Among the measures envisaged in the legislation sponsored by Donal Trump are tax cuts for companies from 35% to 21%, the reduction of taxes for U.S. citizens and changes in tax deductions.

In the domestic scene, the day was also more positive after the Brazilian Central Bank (BC) announced last night that it reduced the compulsory reserve rate on deposits, which should release R$ 6.5 billion in the Brazilian economy.

Meanwhile, on a low-liquidity day, the locally traded U.S. dollar fell in line with the global scenario, where the currency lost value against the main and emerging market currencies. At the end of the session, the greenback fell 0.12%, quoted at R$ 3,294.

Among the main highlights of Ibovespa were Vale's shares (+3.28%) and steel stocks, such as Usiminas (+4.42%) and CSN (+4.99%). Analysts say that although iron ore prices have fallen today, they remain high after the spikes of the last days, and there is an expectation that steelmakers will make further adjustments to the price of steel in the domestic market.

For Thursday, the indicators agenda will be filled both abroad, with the United States Gross Domestic Product (GDP), for example, as in Brazil, where the IPCA-15 inflation index and the Quarterly Inflation Report will be released.

Analysts, however, believe that investors are starting to take more cautious positions towards the end of the year and with less liquidity in the markets.

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