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Financial News: BRAZIL: Stocks Rise As Domestic And U.S. Inflation

BRAZIL: Stocks Rise As Domestic And U.S. Inflation Readings Miss Estimates

05/10/2018 - 20:36:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose for the third trading session, by 1.89% Thursday to 85,861.20 points, after lower-than-expected inflation readings both in the country and in the United States increased bets that interest rates would be lower for longer.

"It was basically the reverse of what happened last week. Treasuries [10-year note interest rates], which were above 3%, fell to 2.96%. Lower-than-expected inflation decreased the fears that the Fed would raise interest rates four times this year," said the equity strategist at Levante Investimentos, Eduardo Guimaries.

According to DNAInvest's Alfredo Sequeira, the Ibovespa tracked stock market indexes abroad and was also boosted by the Brazilian Supreme Court decision to keep former president Luiz In?cio Lula da Silva in jail.

"That decreases, even more, the chances of Lula in the electoral dispute," he said.

So far, Lula is the official candidate of the Workers Party for this year's presidential elections, but his candidacy still has to be approved by an electoral court. Investors believe his victory in the polls would be detrimental to the Brazilian stock market because Lula is contrary to economic reforms adopted by the current government and viewed as positive by market agents.

Petrobras shares also helped the Ibovespa to move up (PETR3 +5.69% +4.03%). The stocks are more than 10% higher since Monday's settlement, in part because of an increase in oil prices.

The locally traded US dollar fell 1.33%, to R$ 3.5460, after rising for three straight sessions, after data showed weaker-than-expected inflation in the United States in April, removing some of the pressure to a steeper trajectory in the country's interest rate.

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