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Market Update: Brazil Stocks Hover the Flatline
The main Sao Paulo stock index, Bovespa, traded around the flatline on Thursday, close to a 3-week high, as Brazilian steel stocks rose against concerns about a cooling global economic recovery. Traders also welcomed the fiscal reform put forward by Brazils Economy Minister, which cuts the corporate tax rate from 15% to 2.5% in two years, while raising the dividend tax from zero to 20%. Among the best performing Brazilian securities, Magazine Luiza stood out on news it will acquire e-commerce retailer Kabum for $200 million. On the pandemic front, the weekly moving average fell to 1,270, a level not seen since March 1st. [/s2If]
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