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Financial News: BRAZIL: Temer-Maia Power Struggle Weighs On Ibovespa

BRAZIL: Temer-Maia Power Struggle Weighs On Ibovespa

10/16/2017 - 18:41:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, fell 0.12% Monday, closing at 76,891.84 points, affected by the power struggle involving President Michel Temer and House of Representatives' speaker, Rodrigo Maia.

The Ibovespa was rising until mid-afternoon, when the exercise of options on B3 shares started under the bad mood triggered by the leaking of a video testimony in which Lucio Funaro, an entrepreneur closely linked to Temer, brings to light serious allegations against the president.

"At the beginning of the day, commodities made the Ibovespa rise, but here the political scene continues to interfere and, even if it is expected that the criminal complaint against Temer will not move ahead in the House, rumors of a power struggle between Maia and Temer brings doubts," said Vitor Suzaki, an analyst at Lerosa Investimentos.

Meanwhile, in the business field, Amazon's possible entry into full operation in Brazil weighted on Lojas Americanas' shares, which fell 3.22%.

"On the opposite end, Credit Suisse's recommendation on Santander's papers made the shares rise 3.95%," said Ari Santos, H. Commcor's chief operating officer.

The locally traded U.S. dollar tracked the international foreign exchange market, following rumors on Janet Yellen's successor as head of the United States Federal Reserve Bank. Also, the Temer-Maia power struggle weighted on the exchange. Given this, the greenback advanced 0.76%, quoted at R$ 3,174.

For Tuesday, the troubled political landscape should keep the Ibovespa under pressure, Santos and Suzaki agreed.

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