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Financial News: BRAZIL: Ibovespa Zeroes Session Gains After Trump Threats

BRAZIL: Ibovespa Zeroes Session Gains After Trump Threats To North Korea

08/08/2017 - 20:47:00 (RTTNews)

(RTTNews) - After spending most of the day above 68,000 points, Ibovespa, the benchmark stock market index in Brazil, ended 0.06% lower at 67,898.94 points Tuesday after United States President Donald Trump threatened to respond to North Korea threats with "with fire and fury."

Monday, North Korea's foreign minister said that the Asian country intends to use nuclear weapons against the United States.

"Trump's statements have worsened the markets, but nothing so relevant. It's early to assess the consequences," said Vitor Suzaki, an analyst at Lerosa Investimentos.

Before Trump's speech, the Ibovespa was almost 1% higher, boosted mainly by the banking sector. Itaú Unibanco (ITUB4 +1.17%) and Bradesco (BBDC4 +1.40%) ended higher. At the food segment, JBS (JBS3 +7.42%) had the largest price increase amid Ibovespa's components after the Brazilian National Economic and Social Development Bank chairman Paulo Rabello de Castro signaled that Wesley Batista could leave the company. BNDESPar holds a 21.3% stake in JBS.

Meanwhile, the locally traded US dollar rose by 0.15%, closing at R$ 3.1310, boosted by Trump's statements towards North Korea and after the Brazilian House speaker, Rodrigo Maia, contrary to a potential rise in the income tax.

Wednesday and for the coming days, in addition to watching the unfolding of Trump's statements, analysts highlighted the greater volume of corporate results that should be released.

Investors should also continue to observe developments on the fiscal side and the unfolding of the President Michel Temer's request to block the Attorney General Rodrigo Janot from presenting charges against him.

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