Brazil Stocks Sit 0.4% Below Record as WEG Reports | Morning Call, Oct 21
Brazil's main stock index rose 1.57% on Tuesday and sits 0.4% below its record. WEG reports third-quarter results before the open today. The post Brazil Stocks Sit 0.4% Below Record as WEG Reports | Morning Call, Oct 21 appeared first on The Rio Times .
Brazil's benchmark index, Ibovespa, closed at 208,296 points on Tuesday, just 0.4% below its record high of 209,067 points set on October 9. The index's rally was led by banks, with Itaú Unibanco and Bradesco gaining 1.9% and 2.9%, respectively. Meanwhile, industrial group WEG reported its third-quarter results before the market opened, providing a key catalyst for trading.
The Ibovespa has risen 1.57% in the session, with 17 of 33 stocks advancing. WEG's order book and margins are considered a gauge of Brazilian and global capital spending. The index is currently at 0.4% below its peak, and traders are watching to see if the rally has local fuel. The Selic wager, the central bank's benchmark interest rate, is at 14.00%, and markets price a 0.25-point cut for November at 84.5%.
The National Monetary Council meets on Thursday, and the IPCA-15 inflation reading is released on Friday.
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