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Brazilian stock market nears 2022 low

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The benchmark Paulos Ibovespa stock index was therefore down more than 2.6% on Monday morning, falling below 103,000 points at 2:45 p.m. local time amid investor caution ahead of interest rate hike decisions in Brazil and the United States

The central banks’ monetary policy committee is due to meet this week to discuss changes to Brazil’s Selic benchmark interest rate, which will be announced on Wednesday. The market consensus is for a 0.50 point hiking, which would bring the Selic to 13.25%.

Also on Wednesday, the US Federal Reserve will meet to discuss interest rates. An aggressive rise is expected following faster than expected inflation in May.

The Ibovespa stock index is on course for its seventh straight negative session today as Brazilian assets have been falling steadily since the Jair Bolsonaro government announced plans to reign in fuel prices at the pump last week.

Airlines Gol and Azul are the worst performing stocks in the trading session so far, with double-digit losses. Tourism company CVC is following closely. The mining sector is also suffering from the news that China imposes new covid lockdown restrictions.

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2/ https://brazilian.report/liveblog/2022/06/13/stock-market-nears-low/

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