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Financial News: BRAZIL: Ibovespa Up 2.37% On U.S. Tax Reform

BRAZIL: Ibovespa Up 2.37% On U.S. Tax Reform

11/16/2017 - 18:52:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 2.37% on Thursday, closing at 72,511.79 points, influenced by the congressional discussions on a tax reform bill in the United States, and also in a recovery movement after the fall of preceded a national holiday.

Banking stocks rose above 2.5%. Itaú Unibanco's shares rose 2.51%, while Bradesco's papers increased 2.6% and Banco do Brasil's stocks accelerated 4.73%. The highlight, however, was Natura's shares, which rose 10.08% following the more positive outlook on third-quarter results.

Regarding the United States tax reform, the bill provides, among other things, for an immediate 20% reduction in corporate taxes and sets tax rates at four levels.

"Cutting corporate taxes is good for the U.S. economy and ends up being good for Brazil indirectly," said Matheus Bantel, an economist at Florença Investimentos.

Meanwhile, after rising for three consecutive trading sessions, the locally traded U.S. dollar closed down 0.96%, at R$ 3,28, with adjustments after a national holiday and investors eyeing the tax reform vote in the United States.

For Friday, the head of H.Commcor operations desk, Ari Santos, projects that there is room for the Ibovespa to continue rising since the foreign market would support the good mood.

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