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Market Update: Brazilian Equities Close at Over 3-Month Low
Brazil’s Ibovespa fell 1.7% to 119,180 on Monday, the lowest close since May 4th as global risk appetite was dented by weaker-than-expected Chinese economic data and the perspective of more regulatory crackdowns in China, alongside persistent worries about the Delta strain. Locally, investors will continue to monitor developments around the Income Tax reform, while assessing growing political tensions after Brazilian President Jair Bolsonaro on Saturday called for the Senate to bring charges against two Supreme Court justices. Meanwhile, the central bank “Focus survey” revealed growth projections for 2021 were revised to 5.28%, down slightly from 5.3% in the previous week; while inflation forecasts were raised to 7.05% from 6.78% a week earlier. [/s2If]
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