
Brazilian equities and the real fell on Tuesday after the government raised taxes on banks and the chemical industry and cut them on diesel and cooking gas. The dollar rose about 2% against the real, reaching a three-month low for the currency despite a $1 billion central bank spot sale.
The Bovespa index fell as much as 2.7% intraday before recovering to a 1.3% loss by midday.
The tax changes raised doubts about Brazil's fiscal and economic direction, which pushed the real weaker and makes Brazilian exports cheaper in dollar terms. A cheaper real can support export selling of soy and corn, while the diesel tax cut lowers fuel costs for farm and freight operations.
過去の強気な政策イベント12件の後、ブラジルレアル(1 USDあたりBRL) は5営業日で中央値 +1.5% 動き(58% が上昇。中央50%は -1.1% から +2.0%)、20営業日では +2.3% 動きました。
過去の弱気な政策イベント21件の後、ULSD / ディーゼル は5営業日で中央値 -2.4% 動き(38% が上昇。中央50%は -6.5% から +4.7%)、20営業日では -1.1% 動きました。
イベント直前の終値からの各商品ベンチマークの動き。過去の傾向は同種の過去イベントをまとめたものであり、起きたことを示すもので、今後を示すものではありません。投資助言ではありません。
Tax changes (hikes on banks and chemicals, cuts on diesel and cooking gas) raised fiscal concerns and triggered real weakness and equity selling, contributing to the depreciation momentum, but the event is dated two days before the move.