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Market Update: Brazilian Stocks Sink after Tax Announcement
The Ibovespa sank 2.1% to 111439 on Friday, the lowest since March 9th, and booking a 2.5% loss on the week after President Jair Bolsonaro signed a decree to raise taxes on financial transactions for three months to pay for the so-called Auxílio Brasil pandemic welfare program. The discussion around “Precatorios”, payments ordered by the top court in cases lost by the federal government, also remains in the spotlight. At the same time, investors turned more cautious ahead of the next week’s central bank policy meetings, including those from the Federal Reserve and the Brazilian central bank. [/s2If]
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