Global X Brazil Consumer ETF
 (BRAQ)

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  • Wed, Feb. 3, 12:04 PM
    • Possibly helping sentiment for the thoroughly roughed-up names is Banco Bradesco's (BBD +7.4%) cancellation of a capital raise.
    • SEC Form 6-K
    • Also headed higher is Itau Unibacno (ITUB +5.8%) after yesterday's post-earnings plunge. The lender beat trimmed down estimates, but also said it expected loan-loss provisions to rise 38% this year. NPLs in Q4 were 3.5%, up 20 basis points from Q3 and 40 bps from a year ago.
    • The Bovespa is up 2.15% in today's session. EWZ +4.35%
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Wed, Feb. 3, 12:04 PM | 5 Comments
  • Fri, Jan. 29, 12:05 PM
     
    • With a president stuck between the threat of impeachment and a growing fiscal imbalance, Eurasia Group sees the country's economic policymaking under Finance Minister Nelson Barbosa as "increasingly erratic and even incoherent."
    • It's going to be a close vote, says the team, but President Rouseff should survive impeachment. However, she's going to need the support of the left, and that group is demanding more accommodative fiscal policy. Said stimulus will undermine what credibility the government gained with pension reform and spending restraint.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Fri, Jan. 29, 12:05 PM | 7 Comments
  • Thu, Jan. 21, 12:54 PM
    • Most had expected a 50 basis point rate hike, and just about everybody else anticipated 25, but the Brazilian Central Bank instead left its benchmark rate unchanged at 14.25%.
    • The bank is dealing with stagflationary conditions in which the economy is in the tank, but inflation is well north of its target range.
    • The central bank may be using the cover of the IMF's forecast of a 3.5% decline in GDP this year, but at the cost of its credibility, says Nomura, which now sees no rate hikes this year.
    • The Bovespa is higher by 0.7% today. EWZ -1.5% (as the real BZF drops).
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Thu, Jan. 21, 12:54 PM | 3 Comments
  • Wed, Jan. 20, 3:49 AM
    • Just a few years ago, the so-called BRICS were taking the world by storm with surging economic growth, although it now looks like they risk capsizing it.
    • China was growing at an average rate of more than 10% a year, peaking at over 14% in 2007. India averaged 8%; Russia 5%; and Brazil and South Africa around 4%. To put that in perspective, the G-7 economies expanded at an average rate of less than 1.4% over the same time frame.
    • What happened? The commodity- and export-dependent emerging economies have long been prone to booms and busts, as their fate depends largely on the tide of global demand. They also face deep debt problems, political turmoil and major demographic challenges.
    • ETFs: EWZ, RSX, EPI, RUSL, INDY, SCIF, RUSS, BRF, INDL, PIN, INDA, ERUS, RSXJ, EZA, INP, IIF, INXX, BRZU, INCO, EWZS, SCIN, RBL, SMIN, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Wed, Jan. 20, 3:49 AM | 8 Comments
  • Tue, Jan. 19, 3:34 PM
    • The central bank had been expected to hike by 50 basis points this week, but a sharp fall in swap rates today means markets are anticipating only a 25 basis point boost.
    • A big cut in the IMF's growth forecast for Brazil makes for a nice excuse, but what central banker worth his/her weight would let the IMF make a rate call?
    • Instead, explains Brown Brothers Harriman, the central bank - still dealing with accelerating inflation - needs cover to turn a bit dovish, and will use the IMF forecast for just that. "We do not think that a 25-basis-point hike will help sentiment at all, nor do we think that a hike will be one and done."
    • EWZ -1%
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Tue, Jan. 19, 3:34 PM | 1 Comment
  • Fri, Jan. 8, 11:22 AM
    • The IPCA inflation index slipped to 0.96% in December versus a November's read of 1.01% and expectations for an increase to 1.05%. For the year, though, inflation sped up to 10.67% - the fastest pace since 2002 and against the central bank's official target of just 2.5-6.5%.
    • While December's soft read could take some pressure of the central bank, no one is expecting any rate cuts for the beleaguered economy. Most continue to forecast a series of rate hikes this year (the benchmark rate is currently 14.25%).
    • "Any dovish decisions in the next Copom meetings will spur market suspicion that the central bank is facing greater political interference," says Eurasia Group's Chris Garman.
    • The Bovespa is ahead by 0.2% today. EWZ +0.75%
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Fri, Jan. 8, 11:22 AM | 4 Comments
  • Dec. 23, 2015, 3:01 PM
    • The central bank today boosted its 2016 inflation forecast to 6.2% from 5.3%, though it continues to see a slowdown in 2017, estimating the rate to fall to 4.8%.
    • Marc Chandler and team at Brown Brothers Harriman suggest the tightening cycle could be restarted in Q1, but even that will not be enough to halt the descent of the real (BZF +1.1%). For now, the country's new finance minister Nelson Barbosa is saying the right things through his emphasis on the government meeting its primary surplus target of 0.5% of GDP next  year.
    • The Bovespa is up 1.2% today amid a sizable rally in natural resources.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 23, 2015, 3:01 PM | 1 Comment
  • Dec. 22, 2015, 4:58 PM
    • Petrobras (NYSE:PBR) management is on the right path to improving the company's financial position and Brazil's government has no plans to pump cash into the company, new finance minister Nelson Barbosa says.
    • Barbosa made the comments while seeking to reassure skeptics that the country's economy would reverse a slide that has been complicated by impeachment proceedings against the president as well as the Petrobras corruption scandal.
    • Barbosa recently replaced Joaquim Levy, who had been finance minister for less than a year after facing persistent criticism from Pres. Rousseff and her colleagues in the leftist Workers Party over his effort to restore the Brazil’s fiscal and economic health through budget cuts.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 22, 2015, 4:58 PM | 16 Comments
  • Dec. 22, 2015, 2:48 AM
    • The Brazilian real and stock index both fell yesterday after President Dilma Rousseff named Nelson Barbosa as finance minister, replacing conservative Joaquim Levy.
    • Despite a pledge from Barbosa to continue his predecessor's efforts, traders saw the appointment as a step back from the fiscal rigor pursued for most of the year following the loss of the country's investment grade credit rating.
    • The real weakened past 4.0 and exited active trading at 4.02, while the Ibovespa index ended the day down 1.6%.
    • ETFs: EWZ, BRF, BRZU, BZF, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 22, 2015, 2:48 AM | 9 Comments
  • Dec. 18, 2015, 3:35 AM
    • Brazil's Supreme Court has cleared the way for impeachment proceedings to move forward against President Dilma Rousseff, but under conditions that may increase her chances of surviving an ouster from office.
    • Under the new ruling, a congressional special committee that formed earlier this month must be disbanded and re-formed under new guidelines that will likely produce a committee more favorable to the president.
    • Rousseff will be allowed to remain in office while the process plays out.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 18, 2015, 3:35 AM | 1 Comment
  • Dec. 17, 2015, 6:29 AM
    • A controversial congressional vote that stacked an impeachment committee with opponents of President Dilma Rousseff has been found to be legitimate by the country's Supreme Court justice which suspended proceedings against her last week.
    • As a result, the full court will vote on whether to open an impeachment trial this afternoon.
    • The move comes after Fitch downgraded Brazil's credit rating to BB+, becoming the second major credit rating agency to strip the country of its investment-grade status.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 17, 2015, 6:29 AM | 1 Comment
  • Dec. 16, 2015, 12:59 PM
    • Petrobras (PBR -1.9%) will have a smaller structure within four years but be much more profitable than today, and the divestment program adopted by the company this year will be increased next year, CEO Aldemir Bendine says.
    • PBR will come out of its current crisis strengthened and become "more profitable than today with greater operational capacity," the CEO says, adding that the $15B divestment plan announced earlier this year would be completed in 2016 with the sale of additional assets.
    • But shares are lower as Fitch Ratings downgrades Brazil’s debt ratings into junk territory, moving the country’s long-term foreign and local currency issuer default ratings to BB+ from BBB- with a negative outlook.
    • And in the latest news involving the corruption probe into PBR, Brazil's federal police yesterday raided the homes and offices of the House speaker and other politicians.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 16, 2015, 12:59 PM | 12 Comments
  • Dec. 16, 2015, 10:00 AM
    • While not a huge surprise, the Fitch one-notch downgrade to BB+ means two major credit rating agencies have now stripped Brazil of its investment-grade status (S&P previously). With the number now two, many institutional types will find themselves forced to exit Brazilian exposure.
    • Ftich: "Brazil's downgrade reflects the economy's deeper recession than previously anticipated, continued adverse fiscal developments and the increased political uncertainty that could further undermine the government's capacity to effectively implement fiscal measures to stabilize the growing debt burden ... Brazil's economic slump is not abating."
    • The agency retains its negative outlook, meaning a decent chance of another downgrade in the not-to-distant future.
    • The Bovespa is off 1.1% in early action. EWZ -2.5% as it must also contend with a 1% decline in the real (NYSEARCA:BZF).
    • Previously: Fitch: Brazil downgrades to get worse (Dec. 7)
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 16, 2015, 10:00 AM | 3 Comments
  • Dec. 10, 2015, 12:27 PM
    • Moody's downgrades all ratings for Petrobras (PBR -4.2%) to Ba3 from Ba2, further into junk territory, and places them on review for possible further downgrade.
    • The downgrade reflects PBR's "elevated refinancing risks in the face of deteriorating industry conditions that make it more difficult to raise cash through asset sales," the ratings agency says.
    • Moody's also places Brazil's Baa3 rating on review for downgrade, driven by a rapidly deteriorating economy and "worsening governability," after the congress opened impeachment proceedings against Pres. Rousseff.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 10, 2015, 12:27 PM | 13 Comments
  • Dec. 9, 2015, 2:59 PM
    • Huh? On the surface, this would appear to be good news for the embattled president, but a quick process benefits her as pro-impeachment forces don't have nearly enough votes in Congress.
    • A delay, however, gives the opposition more time to round up support - and anti-government street demonstrations are planned for this weekend. It also boosts the impeachment process "legitimacy," says Citigroup.
    • Previously: Eurasia Group: Rousseff should survive impeachment (Dec. 9)
    • EWZ remains nicely higher on the session, up 2.3%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 9, 2015, 2:59 PM | 4 Comments
  • Dec. 9, 2015, 10:29 AM
    • While the stacking of the lower-house impeachment committee with critics of the Brazilian president makes things look bad for her, Eurasia Group notes a two-thirds supermajority is still necessary to send Rousseff to trial in the Senate.
    • This means the government needs just 172 legislators to either vote with Rousseff or not show up. The opposition needs 342 votes, and yesterday's vote (on the makeup of the committee) garnered only 272.
    • Key for Roussff, says Euraisa Group, is swift action by Congress. The longer Congress takes, the more time prosecutors have to widen the massive corruption probe even further, and possibly drive more votes to the impeachment side.
    • The Bovespa is surging 4.3% in early action today.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 9, 2015, 10:29 AM | 3 Comments
BRAQ Description
The Global X Brazil Consumer ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Brazil Consumer Index.
See more details on sponsor's website
Country: Brazil
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