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Financial News: BRAZIL: Tensions With North Korea Decrease, Ibovespa Rises

BRAZIL: Tensions With North Korea Decrease, Ibovespa Rises

08/29/2017 - 18:19:00 (RTTNews)

(RTTNews) - Ibovespa, the main stock market index in Brazil, opened lower Tuesday amid rising tensions in international stock exchanges after North Korea launched a missile that flew over Japan's territory, but recovered ground and increased 0.44%, closing at 71,329.85 points, as risk aversion diminished throughout the day.

"The news from North Korea brought uncertainty, but when the market opened in Brazil, the stock exchanges in Japan and other Asian countries had already closed with a small decline. In the United States, the stock markets also improved and started to rise," said Hersz Ferman, an economist at Elite Corretora.

Last night, North Korea launched a missile over Japan for the first time in eight years. The projectile flew over the north of the country and fell into the Pacific Ocean. In response, the U.S. President Donald Trump reiterated that 'all options are open' to dealing with North Korean threats.

In Brazil, the absence of news that could change the assessment on the current scenario helped the Ibovespa to remain above 71,000 points, Ferman said. He added that the local political landscape has little influence on the index for the time being, despite the expectation that President Michel Temer may be the subject of a new criminal complaint and the delay in voting the pension reform.

Meanwhile, the locally traded U.S. dollar closed steady, at R$ 3.1640, pressured by the geopolitical tension and investor optimism with the progress of the fiscal reforms in the Brazilian Congress.

Traders will watch for data from the United States and Brazil in the next days. Wednesday, the highlight will be the U.S. Gross Domestic Product (GDP) and private sector employment data.

Rafael Passos, an analyst at Guide Investimentos, also pointed out that investors are tracking the bill to change the fiscal targets in Brazil.

"The proposal is still under review by the Congress' Joint Budget Commission, and the government expects the revisions to be approved by Thursday," he said.

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