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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 2017Dopo 13 eventi politica ribassista passati, Real brasiliano (BRL per USD) si è mosso in mediana di -3,4% in 5 sedute (15% in rialzo; metà centrale da -3,4% a -1,3%), e di -1,9% in 20.
Variazioni del benchmark di ciascuna materia prima rispetto all'ultima chiusura prima dell'evento. Le letture storiche raggruppano eventi passati dello stesso tipo; descrivono ciò che è accaduto, non ciò che accadrà. Non è consulenza di investimento.
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.
