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Market Update: Brazilian Stocks Tread Water
Brazils main stock index ended lower on Tuesday, with the benchmark Bovespa finishing below the 123,000 level as weakness in energy and materials stocks offset gains among services and real estate. Domestically, investors keep an eye on developments around the tax reform and the parliamentary inquiry into the federal government’s handling of the Covid-19. Meanwhile, the central bank president Roberto Campos Neto said that the central bank will revise up its 3.5% economic growth forecast for this year towards 4%, following a surprisingly strong performance in the first quarter. At the same time, Brazilian consumer inflation rose above 7% in the month to mid-May for the first time since 2016, although that and the monthly rate of increase was lower than the market expectations. [/s2If]
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