Plus   Neg

BRAZIL: Ibovespa Falls Due To U.S. Duties On Steel And Aluminum

(Agencia CMA Latam) - Ibovespa, the benchmark index of the Brazilian stock exchange, closed down 0.58% at 84,984.61 points Thursday after U.S. President Donald Trump imposed duties on steel (25%) and aluminum imports (10%). Canada and Mexico were excluded from the measure.

The shares of CSN and Gerdau reacted immediately, declining by 5.08% and 4.18%, respectively.

"The index ran the entire trading session tracking the foreign markets, which were waiting for this decision. But the corporate scene contributed with financial results below expectations, such as Embraer [-3.17%]," said Luana Nunes, an investment analyst Toro Radar.

Meanwhile, the reports that Suzano and Fibria are closer to a merger boosted their stocks. Fibria's shares appreciated by 6.52%, while Suzano rose 3.64%. Localiza also stood out with a 5.33% increase after the release of the balance sheet for the fourth quarter of last year "with positive data," said the analyst.

For Friday, Nunes says that the global stock market will reflect the protectionist measures of the United States.

The locally traded U.S. dollar intensified the bullish pressure in the second part of the business and closed at 0.64%, quoted at R$ 3.265, with investors' relief as a result of statements by members of the U.S. government that Trump would alleviate the protectionist measures searched by his administration, reducing the trade war strain.

by Agencia CMA Latam

For comments and feedback: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

comments powered by Disqus
Follow RTT