Seeking Alpha

Brazil continues bull run after soft PMI

  • The country's manufacturing PMI fell into contraction territory in April - 49.3 from 50.6 previously, but what's really got the bulls excited is a sharp decline in both input and output prices.
  • With Brazil's central already indicating it's nearing the end of its rate hike cycle, the news - especially if confirmed by CPI data coming next Friday - could be the final straw pushing the bank to remain on hold at the end of this month.
  • Also giving energy to the bulls is the continued slide in poll numbers for President Dilma Rousseff, who faces an October election. She's down to 37% from 43.7% in February.
  • The Bovespa is ahead another 1.7% today. EWZ +2.4%
  • ETFs: EWZ, BRF, BRXX, EWZS, BRAQ, BRAZ, BRZU, BZQ, BRAF, UBR, BRZS, DBBR, FBZ
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