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Tax reform, the MP's vote on the ICMS subsidy and the release of the October IBC-Br are on investors' radar.
The Ibovespa continues to rise, renewing its historical closing record in three of the last four trading sessions. Yesterday, an increase of 0,59% took the main Brazilian stock market index to 131.850 points. The year-end rally coincides with a series of good news. Brazil rose two positions in the ranking of the world's largest economies, according to the International Monetary Fund. The country left behind Canada and Russia and returned to ninth place among the largest GDPs on the planet, already appearing in Italy's rearview mirror. At the same time, the approval of the first tax reform in decades motivated the credit rating agency S&P to raise Brazil's rating, which is now just two floors below the coveted investment grade. The tax reform was enacted today in a solemn session of Congress. Still in Brasília, after the approval of the LDO yesterday, the economic agenda brings today the MP's vote on the subsidy of the ICMS by the Senate.
Meanwhile, a weaker agenda abroad momentarily interrupts the rally in risk assets also observed in international markets in recent weeks. Back in Brazil, the stock market presents challenges with the MP's vote on the ICMS subsidy and the November collection figures that come out today. These results have great potential to define the direction of business at a time when the reduction in liquidity is already appearing. The IBC-Br for October and the collection figures for November are released today and have great potential to define the direction of business at a time when the reduction in liquidity is already showing.
Ibovespa reaches historic record
The Brazilian financial market had a day of euphoria with the Ibovespa reaching a new historical record. A brazilian stock exchange closed up 2,5%, driven by good news in the domestic economic scenario and the expectation of progress in tax reform. The Ibovespa reached 134.000 points, reinforcing Brazil's position in the ranking of largest economies of the world. The news excited local investors and attracted the attention of foreigners, who returned to betting on the Brazilian stock market. Furthermore, the IBC-Br, an index that serves as a preview of GDP, also presented positive results, indicating a solid recovery of the economy. However, the fiscal deficit and credit risk rating are still a concern, showing that not everything is rosy on the horizon. Even with the challenges, Ibovespa continues to attract investors, showing the strength of the Brazilian stock exchange amid the turbulence in international markets.
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Source: moneytimes
