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  • BRAZIL: Ibovespa Falls For Second Day, Down For The Week Ibovespa, the benchmark stock index in Brazil, closed down for the second consecutive trading session (-0.8%), settling at 75,389.75 points Friday on profit-taking by investors after the index broke closing records in sequence earlier this month. The profit-taking was also triggered by the worsening external scenario, amid new tough talk between the United States and North Korea. As a result, Ibovespa lost 0.48% in the week. "It was a day of profit-taking. The Ibovespa still has a positive trend, but it took to correct," said Bruna Moura, an analyst at Toro Radar. Among the biggest declines in the Ibovespa today were mining and steel stocks, which had risen in recent weeks and still reflected heavy losses in iron ore prices in the past two days. Vale's shares (VALE3 -1.91%) fell almost 2%, while CSN shares (CSN3 -4.88%) and Gerdau shares (GGBR4 -2.60%) also suffered heavy losses. The locally traded U.S. dollar clos..

    BRAZIL: Ibovespa Falls For Second Day, Down For The Week

    BRAZIL: Ibovespa Falls For Second Day, Down For The Week Ibovespa, the benchmark stock index in Brazil, closed down for the second consecutive trading session (-0.8%), settling at 75,389.75 points Friday on profit-taking by investors after the index broke closing records in sequence earlier this month. The profit-taking was also triggered by the worsening external scenario, amid new tough talk between the United States and North Korea. As a result, Ibovespa lost 0.48% in the week. "It was a day of profit-taking. The Ibovespa still has a positive trend, but it took to correct," said Bruna Moura, an analyst at Toro Radar. Among the biggest declines in the Ibovespa today were mining and steel stocks, which had risen in recent weeks and still reflected heavy losses in iron ore prices in the past two days. Vale's shares (VALE3 -1.91%) fell almost 2%, while CSN shares (CSN3 -4.88%) and Gerdau shares (GGBR4 -2.60%) also suffered heavy losses. The locally traded U.S. dollar clos..
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  • BRAZIL: Ibovespa Falls Tracking External Scenario And Commodities Prices After closing the last two trading sessions near stability, the Ibovespa fell by 0.53% Thursday, settling at 75,604.34 points in the face of a worsening of the external scenario and tracking commodities losses abroad, which led some investors into a profit-taking after recently achieved record highs by the benchmark stock index in Brazil. "The recent highs gave margin for sale. There are stocks that have already risen 30%, 40% in the month. Today we still had Vale in decline, due to iron ore losses," said Jos? Costa, an economist at Codepe Corretora. Meanwhile, Standard & Poor's (S&P) credit risk rating agency downgraded China's sovereign note to 'A+,' from 'AA-,' with a stable outlook. Concern over the Chinese economy has affected commodities, with iron ore retreating prices. As a result, Vale's shares (VALE3 -1.99%) were the worst losses at Ibovespa, as well as its sha..

    BRAZIL: Ibovespa Falls Tracking External Scenario And Commodities Prices

    BRAZIL: Ibovespa Falls Tracking External Scenario And Commodities Prices After closing the last two trading sessions near stability, the Ibovespa fell by 0.53% Thursday, settling at 75,604.34 points in the face of a worsening of the external scenario and tracking commodities losses abroad, which led some investors into a profit-taking after recently achieved record highs by the benchmark stock index in Brazil. "The recent highs gave margin for sale. There are stocks that have already risen 30%, 40% in the month. Today we still had Vale in decline, due to iron ore losses," said Jos? Costa, an economist at Codepe Corretora. Meanwhile, Standard & Poor's (S&P) credit risk rating agency downgraded China's sovereign note to 'A+,' from 'AA-,' with a stable outlook. Concern over the Chinese economy has affected commodities, with iron ore retreating prices. As a result, Vale's shares (VALE3 -1.99%) were the worst losses at Ibovespa, as well as its sha..
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  • BRAZIL: Temer Says He Has 'no Concern' About Criminal Complaints Against Him Brazil's President Michel Temer said in an interview with Reuters news agency that he does not have the "minimum" of concern about allegations of corruption against him and blames the "radical" opposition for the criminal complaints. "It's a radical opposition, but I say again that these things have to be cleared up and I do not worry about it at all," he said in New York. In the president's view, he is being blamed for association. "You are President of the Republic, House's speaker, vice-president, chairman of a party, you meet people who take photos with you, receive messages. The someone close to you practices an offense, and you are also considered a criminal. It's happening very often in Brazil," Temer told Reuters. In New York, where he attended dinner with the U.S. President Donald Trump and spoke at the opening of the United Nations General Assembly, Temer a..

    BRAZIL: Temer Says He Has 'no Concern' About Criminal Complaints Against Him

    BRAZIL: Temer Says He Has 'no Concern' About Criminal Complaints Against Him Brazil's President Michel Temer said in an interview with Reuters news agency that he does not have the "minimum" of concern about allegations of corruption against him and blames the "radical" opposition for the criminal complaints. "It's a radical opposition, but I say again that these things have to be cleared up and I do not worry about it at all," he said in New York. In the president's view, he is being blamed for association. "You are President of the Republic, House's speaker, vice-president, chairman of a party, you meet people who take photos with you, receive messages. The someone close to you practices an offense, and you are also considered a criminal. It's happening very often in Brazil," Temer told Reuters. In New York, where he attended dinner with the U.S. President Donald Trump and spoke at the opening of the United Nations General Assembly, Temer a..
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  • BRAZIL: Inflation Expectation By Year-end Cut To 3.2% - Central Bank The Brazilian central bank's Quarterly Inflation Report presents revised projections for inflation decelerating in 2017 and 2018, suggesting that the monetary authority still has room to lower interest rates. In the central bank's reference scenario, which considers the interest rate projection of the Focus survey and a constant exchange rate of R$ 3.10 over the entire forecast horizon, the projection for annual inflation fell from 3.8% in the previous quarterly report to 3.2%. For 2018, the estimate was cut to 4.1%, from 4.3%, on the same basis of comparison. According to the report, inflation will decrease to 3.9% by the end of 2019 and remain at that level through 2020. In the market scenario, which considers the interest rate and foreign exchange projections in the Focus survey, inflation projections also fell from 3.8% to 3.2% by the end of 2017 and from 4.5% to 4.3% by the end of 2018. Inflat..

    BRAZIL: Inflation Expectation By Year-end Cut To 3.2% – Central Bank

    BRAZIL: Inflation Expectation By Year-end Cut To 3.2% - Central Bank The Brazilian central bank's Quarterly Inflation Report presents revised projections for inflation decelerating in 2017 and 2018, suggesting that the monetary authority still has room to lower interest rates. In the central bank's reference scenario, which considers the interest rate projection of the Focus survey and a constant exchange rate of R$ 3.10 over the entire forecast horizon, the projection for annual inflation fell from 3.8% in the previous quarterly report to 3.2%. For 2018, the estimate was cut to 4.1%, from 4.3%, on the same basis of comparison. According to the report, inflation will decrease to 3.9% by the end of 2019 and remain at that level through 2020. In the market scenario, which considers the interest rate and foreign exchange projections in the Focus survey, inflation projections also fell from 3.8% to 3.2% by the end of 2017 and from 4.5% to 4.3% by the end of 2018. Inflat..
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  • BRAZIL: Interest Rate Estimate Cut To 7% Per Year In 2017, 2018 - Central Bank The benchmark interest rate in Brazil, known as Selic, is expected to reach 7% by year-end and remain at the same level through 2018, the Brazilian central bank said in its Quarterly Inflation Report. In the previous report, the Brazilian central bank estimated that the Selic rate would close 2017 at 8.5% per year. By the end of 2019, the central bank forecast that Selic rate would rise to 8% per year, remaining at that level until the end of 2020 and 2021. "The projections also depend on considerations about the evolution of the necessary reforms and adjustments in the economy," said the central bank in the report. Earlier this month, the Brazilian central bank's Monetary Policy Committee (Copom) cut the country's benchmark interest rate to 8.25%, from 9.25%, in line with market expectations, and signaled that it intends to keep loosening monetary policy in the next few meetings, but at..

    BRAZIL: Interest Rate Estimate Cut To 7% Per Year In 2017, 2018 – Central Bank

    BRAZIL: Interest Rate Estimate Cut To 7% Per Year In 2017, 2018 - Central Bank The benchmark interest rate in Brazil, known as Selic, is expected to reach 7% by year-end and remain at the same level through 2018, the Brazilian central bank said in its Quarterly Inflation Report. In the previous report, the Brazilian central bank estimated that the Selic rate would close 2017 at 8.5% per year. By the end of 2019, the central bank forecast that Selic rate would rise to 8% per year, remaining at that level until the end of 2020 and 2021. "The projections also depend on considerations about the evolution of the necessary reforms and adjustments in the economy," said the central bank in the report. Earlier this month, the Brazilian central bank's Monetary Policy Committee (Copom) cut the country's benchmark interest rate to 8.25%, from 9.25%, in line with market expectations, and signaled that it intends to keep loosening monetary policy in the next few meetings, but at..
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  • BRAZIL: Central Bank Increases GDP Growth Estimate For 2017 To 0.7% Brazil's central bank increased to 0.7% from 0.5% its projection for the country's Gross Domestic Product (GDP) growth in 2017. The estimate was released in the central bank's Quarterly Inflation Report. According to the central bank, the new projection primarily reflects the positive performance of the Gross Domestic Product in the second quarter (+0.2% over the previous quarter). In the document, the Brazilian monetary authority points out that economic indicators have shown positive surprises, "providing favorable prospects for the growth of activity." For 2018, the central bank estimates a 2.2% GDP growth.

    BRAZIL: Central Bank Increases GDP Growth Estimate For 2017 To 0.7%

    BRAZIL: Central Bank Increases GDP Growth Estimate For 2017 To 0.7% Brazil's central bank increased to 0.7% from 0.5% its projection for the country's Gross Domestic Product (GDP) growth in 2017. The estimate was released in the central bank's Quarterly Inflation Report. According to the central bank, the new projection primarily reflects the positive performance of the Gross Domestic Product in the second quarter (+0.2% over the previous quarter). In the document, the Brazilian monetary authority points out that economic indicators have shown positive surprises, "providing favorable prospects for the growth of activity." For 2018, the central bank estimates a 2.2% GDP growth.
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  • BRAZIL: Preliminary CPI Rises 0.11% In September Brazil's official preliminary inflation index rose 0.11% in September on a monthly basis, slightly below market expectations (+0.13%), said the country's statistics office. The monthly variation was lowest since July 2013 (+0.07%). Considering only the results for September, this was the lowest since 2006 (+0.05%). Through September, the preliminary indicator accumulates increases of 1.90% in the year, decelerating from 5.60% in the same period of 2016. In the last 12 months, the accumulated inflation reached 2.56%, in line with the median estimates. In 12 months, the rate is the lowest for the period since February 1999 (+1.80%). According to the Brazilian statistics office, Transportation (from +1.35% to +1.25%), Personal Expenses (from +0.34% to +0.45%) and Clothing (from -0.29% to +0.31 %) groups were the main influencers of the preliminary inflation index monthly increase in September. Together, these groups had a..

    BRAZIL: Preliminary CPI Rises 0.11% In September

    BRAZIL: Preliminary CPI Rises 0.11% In September Brazil's official preliminary inflation index rose 0.11% in September on a monthly basis, slightly below market expectations (+0.13%), said the country's statistics office. The monthly variation was lowest since July 2013 (+0.07%). Considering only the results for September, this was the lowest since 2006 (+0.05%). Through September, the preliminary indicator accumulates increases of 1.90% in the year, decelerating from 5.60% in the same period of 2016. In the last 12 months, the accumulated inflation reached 2.56%, in line with the median estimates. In 12 months, the rate is the lowest for the period since February 1999 (+1.80%). According to the Brazilian statistics office, Transportation (from +1.35% to +1.25%), Personal Expenses (from +0.34% to +0.45%) and Clothing (from -0.29% to +0.31 %) groups were the main influencers of the preliminary inflation index monthly increase in September. Together, these groups had a..
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  • BRAZIL: Government Looks Into Giving Up On Daylight Saving Time The Brazilian government is studying the possibility of extinguishing the daylight saving time. According to the government, the study is being carried out by Brazil's National Electric System Operator (ONS). A preliminary evaluation suggests that the impact of the daylight saving time in Brazil are "irrelevant" and "decreasing." If nothing changes in the next few days, daylight saving time is expected to begin on October 15 in Brazil's South, Southeast and Midwest regions.

    BRAZIL: Government Looks Into Giving Up On Daylight Saving Time

    BRAZIL: Government Looks Into Giving Up On Daylight Saving Time The Brazilian government is studying the possibility of extinguishing the daylight saving time. According to the government, the study is being carried out by Brazil's National Electric System Operator (ONS). A preliminary evaluation suggests that the impact of the daylight saving time in Brazil are "irrelevant" and "decreasing." If nothing changes in the next few days, daylight saving time is expected to begin on October 15 in Brazil's South, Southeast and Midwest regions.
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  • BRAZIL: Ibovespa Remains Stable With Petrobras Ibovespa, the benchmark stock index in Brazil, reversed declines earlier in the day and slightly rose (+0.03%), closing at 76,004.15 points on Wednesday. The Ibovespa was boosted by statements made by the Brazilian Minister of Mines and Energy, Fernando Coelho, in New York, indicating that the government is expected to pay Petrobras US$ 12 billion in a transfer of rights process, prompting Petrobras to rise 4.88%. "This is positive for the company. Petrobras' shares were already rising by more than 1% due to oil prices abroad and skyrocketed after the minister's statements," said Alfredo Sequeira, partner at DNAinvest brokerage. According to Jos? Costa, an economist at Codepe Corretora, Petrobras eclipsed the profit-taking that the market went through after the U.S. Federal Reserve Bank announced that it would raise interest rates by the end of the year. Meanwhile, the locally traded U.S. dollar fell 0.19%, closing at $..

    BRAZIL: Ibovespa Remains Stable With Petrobras

    BRAZIL: Ibovespa Remains Stable With Petrobras Ibovespa, the benchmark stock index in Brazil, reversed declines earlier in the day and slightly rose (+0.03%), closing at 76,004.15 points on Wednesday. The Ibovespa was boosted by statements made by the Brazilian Minister of Mines and Energy, Fernando Coelho, in New York, indicating that the government is expected to pay Petrobras US$ 12 billion in a transfer of rights process, prompting Petrobras to rise 4.88%. "This is positive for the company. Petrobras' shares were already rising by more than 1% due to oil prices abroad and skyrocketed after the minister's statements," said Alfredo Sequeira, partner at DNAinvest brokerage. According to Jos? Costa, an economist at Codepe Corretora, Petrobras eclipsed the profit-taking that the market went through after the U.S. Federal Reserve Bank announced that it would raise interest rates by the end of the year. Meanwhile, the locally traded U.S. dollar fell 0.19%, closing at $..
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  • Disagreements over the so-called "big district" dominated the discussions on the Brazilian House of Representatives floor on Tuesday during the analysis of the political reform in the South American country - but the lawmakers rejected the system in a 238-205 vote with one abstention. The rejected proposition stated that representatives would be elected respecting the largest number of votes, and not by the current party's ratio coefficient rule. As a result, the proportional system remains in force. In this system, representatives are appointed according to the electoral performance of their parties or coalitions. Tuesday's vote was the third time that representatives protested against the "big district." Last week, the most of the lawmakers had already declared themselves against the system, but the vote was not completed due to lack of quorum. In another vote on political reform in May 2015, the "big district" also did not pass. Any change in the Brazilian electoral sys..

    BRAZIL: Lower House Rejects 'big District' In Political Reform

    Disagreements over the so-called "big district" dominated the discussions on the Brazilian House of Representatives floor on Tuesday during the analysis of the political reform in the South American country - but the lawmakers rejected the system in a 238-205 vote with one abstention. The rejected proposition stated that representatives would be elected respecting the largest number of votes, and not by the current party's ratio coefficient rule. As a result, the proportional system remains in force. In this system, representatives are appointed according to the electoral performance of their parties or coalitions. Tuesday's vote was the third time that representatives protested against the "big district." Last week, the most of the lawmakers had already declared themselves against the system, but the vote was not completed due to lack of quorum. In another vote on political reform in May 2015, the "big district" also did not pass. Any change in the Brazilian electoral sys..
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