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  • Yesterday, 5:04 PM
    | Yesterday, 5:04 PM
  • Thu, Dec. 1, 3:44 PM
    • Prosecutors pursing corruption at Petrobas (PBR -2.9%) have threatened to resign over a bill being fast-tracked through Congress which would allow prosecutors and judges to be the focus of charges.
    • Source: FT
    • The new law, say some (prosecutors and judges) will have the effect of curbing investigations. Analysts say the bill is an attempt by lawmakers to stop the Petrobras probe from spreading to them.
    • President Michel Temer has not yet committed as to whether he would sign the bill.
    • The Bovespa is lower by 3.9%. EWZ -5.9%, VALE -2.9%, ITUB -6.2%, BSBR -10%
    | Thu, Dec. 1, 3:44 PM | 12 Comments
  • Wed, Nov. 30, 3:58 PM
    • Some economists had expected a 50 basis point cut in the Selic rate to 13.5%, but the central bank opted for a 25 basis point move. Nevertheless, a cycle is underway, as this is the second rate reduction in two months.
    • Prior to October's move, there hadn't been a rate cut in four years.
    • Giving room for the central bank to move is a noticeable slowing in inflation - to 7.9% in October from nearly 11% at the start of the year (the target is 4.5%).
    • Then there's the economy - expected to contract 3.5% this year after shrinking 3.8% in 2015.
    • EWZ +1.35% on the session, +63% for the year.
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Wed, Nov. 30, 3:58 PM
  • Tue, Nov. 29, 3:39 AM
    • Brazil's Senate is scheduled to hold a first-round vote today on a constitutional amendment that would cap government spending in inflation-adjusted terms for as long as 20 years.
    • The bill, which sailed through the lower house last month, is one of the cornerstones of President Michel Temer's effort to shore up confidence in Latin America's largest economy.
    • ETFs: EWZ, BRF, BRZU, BZF, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Tue, Nov. 29, 3:39 AM | 1 Comment
  • Tue, Nov. 22, 4:01 AM
    • Brazil's real sold-off in the past fortnight as the U.S. election outcome takes its toll on emerging market currencies.
    • With the country struggling to exit its worst recession in over eight decades, the government also slashed its 2017 economic growth estimate to 1% from 1.6%.
    • The benchmark Selic rate is further expected to be lowered by 25 bps this month with more cuts predicted next year.
    • ETFs: EWZ, BRF, BRZU, BZF, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Tue, Nov. 22, 4:01 AM
  • Fri, Nov. 11, 4:59 PM
    | Fri, Nov. 11, 4:59 PM
  • Fri, Nov. 11, 4:15 AM
    • Brazil has been plunged into a fresh bout of political uncertainty after lawyers for former president Dilma Rousseff presented evidence suggesting her successor, Michel Temer, accepted bribes from a construction company.
    • If the court rules that occurred, it could reverse her entire ticket's win. That would mean Temer, a member of the Brazilian Democratic Movement Party, would also be removed from office.
    • ETFs: EWZ, BRF, BRZU, BZF, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Fri, Nov. 11, 4:15 AM | 2 Comments
  • Fri, Oct. 21, 4:47 PM
    | Fri, Oct. 21, 4:47 PM
  • Fri, Oct. 14, 4:45 PM
    | Fri, Oct. 14, 4:45 PM | 2 Comments
  • Tue, Oct. 11, 3:11 AM
    • Brazil's lower house of Congress has approved a landmark proposal to cap public spending, a major victory for President Temer's efforts to regain market confidence and pull the economy out of its worst recession ever.
    • Separately, corruption charges against former President Lula da Silva are piling up as prosecutors accused him of an alleged bribery scheme related to contracts in Angola. If found guilty, he could face up to 35 years in prison.
    • ETFs: EWZ, BRF, BRZU, BZF, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Tue, Oct. 11, 3:11 AM
  • Fri, Oct. 7, 4:56 PM
    | Fri, Oct. 7, 4:56 PM | 1 Comment
  • Fri, Sep. 30, 5:09 AM
    • The IMF is calling on Brazil's new government to step up efforts to close a yawning fiscal gap, recommending tough policy changes for it to pull out of a bruising recession.
    • "If key reforms are watered down or get stalled in Congress, the boost to confidence will be short lived, and the recession may continue," the IMF wrote in a preliminary findings report.
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Fri, Sep. 30, 5:09 AM | 2 Comments
  • Wed, Sep. 21, 3:24 AM
    • The judge overseeing the investigation into the colossal scandal surrounding Brazil's Petrobras (NYSE:PBR) has accepted corruption charges against the nation's iconic former leader, Luiz Inacio Lula da Silva.
    • Plagued by scandals, his leftist Workers' Party lost the presidency in August when the Senate impeached Lula's handpicked successor, Dilma Rousseff, in a power struggle that has consumed the political establishment.
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Wed, Sep. 21, 3:24 AM | 6 Comments
  • Wed, Sep. 14, 5:44 PM
    • Brazilian prosecutors today charged ex-President Luiz Inacio Lula da Silva - probably still the country's most popular politician - with being the "top boss" of a vast corruption scheme at state oil company Petrobras (NYSE:PBR).
    • The prosecutor says political kickbacks had caused 42B reais ($12.6B) in losses, and personally had received 3.7M reais ($1.11M) in bribes; Lula's lawyers say the accusations are part of an effort to stop him running in the 2018 election.
    • The two-year-old Operation Carwash investigation has uncovered how political appointees named by Lula's Workers Party and its allies handed overpriced contracts to engineering firms in exchange for illicit party funding and bribes; the probe helped propel last month's impeachment of Lula's chosen successor, Dilma Rousseff, on unrelated charges of breaking budget rules.
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Wed, Sep. 14, 5:44 PM | 17 Comments
  • Fri, Sep. 2, 4:17 PM
    | Fri, Sep. 2, 4:17 PM | 2 Comments
  • Thu, Sep. 1, 11:38 AM
    • "There is ample room for foreign and domestic long-only investors to add to Brazil equities," says JPMorgan strategist Pedro Martins. "There is no doubt the investment thesis becomes simpler: lower political risk, falling interest rates and cyclical economic recovery.” His three themes:
    • Exposure to high-beta stocks, among them Itau Unibanco (NYSE:ITUB).
    • Position for declining intrest rates, also a boon to ITUB.
    • Alignment with the cyclical domestic recovery - maybe a strange recommendation given that GDP is expected to grow just 0.7% next year. But that's coming from negative 3.6% in 2016 - a pretty large "delta," says Martins.
    • The Bovespa is flat today and up 61% YTD.
    • ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ
    | Thu, Sep. 1, 11:38 AM
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