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Financial News: BRAZIL: Stocks Fall As Ibovespa Hits Lowest Level

BRAZIL: Stocks Fall As Ibovespa Hits Lowest Level Since February

05/21/2018 - 19:19:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, fell for the third straight session, dropping 1.52% Monday to 81,815.32 points - the lowest closing level since February 9 - as investors turn cautious before a potential downward revision to the official GDP growth estimate and amid a hazy electoral scenario.

"The stocks that had the most influence on Ibovespa's decrease were Petrobras and Vale. Today we had several demonstrations asking for lower fuel prices and the government will meet to discuss that matter," said Spinelli Corretora's investment analyst, Glauco Legat.

The locally traded U.S. dollar fell 1.36%, to R$ 3.6880, ending lower after rising for six consecutive sessions, reacting to the Brazilian central bank decision to triple a foreign-exchange swap contract offer.

News that the U.S. and China reached an initial agreement regarding their bilateral trade, with the Chinese saying that they will increase imports from the US, also helped to lower risk aversion globally and to boost the Brazilian real, according to analysts.

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