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Financial News: BRAZIL: Ibovespa Rises In Volatile Day By Vote

BRAZIL: Ibovespa Rises In Volatile Day By Vote Of Complaint Against Temer

10/25/2017 - 19:01:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed up 0.42% Wednesday at 76,671.13 points, rising after the House of Representatives reached the quorum required to vote on a second criminal complaint against the President Michel Temer.

Doubts on whether there was a quorum were keeping the Ibovespa down, in addition to the market fears that the vote would be tight and could hamper a pension reform widely expected by market players. Earlier, news of Temer's hospitalization for urological obstruction also brought volatility to the Ibovespa.

José Costa, an economist at Codepe Corretora, said he has no doubt that Temer will be shielded by the Congress. The main concern, according to him, is how many votes Temer will amass.

"If he can at least equalize the previous vote, he may be able to pass the pension reform," he added.

Among the constituents that contributed to the rise of Ibovespa are those of Petrobras (+1.27%), which closed higher despite oil prices abroad. Eletrobras shares (+3.45%) were also among the main valuations, with investors taking positions for its privatization. On the negative end, Vale's papers (-0.83%) fell, tracking the losses of iron ore abroad.

Analysts, however, are betting that the miner will release positive financial data tomorrow, which may help the Ibovespa. Ambev's results will also be released Thursday morning.

In addition to the corporate balance sheets, Ibovespa may be influenced by the vote on Temer and the Monetary Policy Committee's decision on the interest rate, which was reduced by 0.75 percentage point.

Meanwhile, the locally traded U.S. dollar closed steady, quoted at R$ 3,247, with investors awaiting the results of the complaint against Temer. The hospitalization of the president in the Army's hospital also stirred the currency.

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