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Brazilian stocks fell on Monday after the government agreed to soften its pension reform proposal to secure Congressional approval. The revised plan yields about 60% of the fiscal savings of the original, versus 75% in the prior version.
The Bovespa index slipped 1.2%, while the real gained 0.4%.
Pension reform is seen as necessary to curb Brazil's public debt, so a weaker bill raises fiscal risk and drives equity volatility. The real's gain against the dollar also shows investors treating the reform's outcome as a currency factor.
ai-cio.comChris Butera28 Nov 2017Setelah 13 peristiwa kebijakan bearish sebelumnya, Real Brasil (BRL per USD) bergerak median -3,4% selama 5 sesi (15% lebih tinggi; separuh tengah -3,4% sampai -1,3%), dan -1,9% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
Brazil's softened pension reform lowers expected fiscal savings and raises fiscal-risk concerns, which can weaken the real and pressure BRL, although the real actually gained 0.4% on the day and the event predates the 11-30 move by two days.
