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Financial News: BRAZIL: Stocks And Real Fall As Concerns About

BRAZIL: Stocks And Real Fall As Concerns About U.S. Inflation Rise

05/02/2018 - 19:21:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, ended 1.82% lower at 84,547.09 points Wednesday, hit by the decline in Ita? Unibanco shares (ITUB4 -4,6%) and as investors reacted to the Federal Reserve monetary policy statement, which pointed to stronger inflation in the United States.

Itau Unibanco shares fell after the company published its first-quarter earnings.

"The market thinks that other banks, like Santander and Bradesco, posted better results," said Eduardo Guimaries, the stock market specialist at Levante Investimentos.

He believes that corporate earnings will dictate market moves in Brazil in the next few days.

The locally traded US dollar rose 1.28%, to R$ 3.5500, the highest level since June 3, 2016, as traders increased their defensive bets after the Federal Reserve pointed to inflation running closer to the 2% annual target.

"Even with inflation under control, there is a concern with inflation in the future, and that brings more cautiousness," said the operations director at Mirae, Pablo Spyer.

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