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Financial News: BRAZIL: Stock Market Falls Amid Local And Foreign

BRAZIL: Stock Market Falls Amid Local And Foreign Uncertainties

07/06/2017 - 19:20:00 (RTTNews)

(RTTNews) - Ibovespa, the Brazilian benchmark stock market index, fell 1.08% to 62,470.33 points, weighed on by uncertainties regarding the future of President Michel Temer, charged with corruption last week.

His trial, however, needs approval from the House of Representatives, and investors turned cautious before the congressmen decision on that matter.

?lvaro Bandeira, chief economist at Homebroker Modalmais, stated that there are rumors that the House will authorize Temer's trial. He pointed out that investors' discomfort comes from the fact that the push for economic reforms has faded, with Temer using all his efforts merely to stay in office. Traders are also wary of monetary policy abroad and expect more clarity regarding the interest rate trajectory in the United States and monetary stimulus from the European Central Bank (ECB).

Tomorrow the national statistics office will publish inflation data for June. A lower-than-expected reading should increase bets of lower interest rates and boost the Ibovespa. Data regarding job creation in the United States will also attract market players attention.

Locally traded US dollar rose by 0.18%, closing at R$ 2.3010.

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