Brazil Stocks Fall 1.06%; Jobs and Budget Data Due | Morning Call, Oct 30
Brazil's stock index has fallen four sessions in a row. Today's jobs and budget figures and Vale's earnings webcast set the tone for the open. The post Brazil Stocks Fall 1.06%; Jobs and Budget Data Due | Morning Call, Oct 30 appeared first on The Rio Times .
Brazil's stocks slipped 1.06% on Friday as investors await key economic data. The Selic rate, Brazil's benchmark interest rate, remains at 13.75% after a quarter-point cut in September. October's inflation, measured by the IPCA-15 index, cooled to 0.32% from 0.70% in September, providing support for the easing narrative. However, the performance of today's jobs and budget data will determine whether this outlook remains intact.
Vale, Brazil's iron-ore giant, is the focus of corporate attention following its third-quarter results, which will influence investors' perception of the company's shift away from pure iron-ore exposure. The Ibovespa, Brazil's benchmark stock index, opens the day deep below its 52-week high, nursing a four-session losing streak.
The Brazilian real is also near its weakest levels of the year against the US dollar. The sessions' key events are the 8:30 am BRT unemployment release and the 9:00 am BRT budget balance, which will test the central bank's easing thesis.
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