iShares MSCI Brazil Capped ETF
 (EWZ)

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  • 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
  • Dec. 8, 2015, 6:39 PM
    • The lower house of Brazil's Congress votes to appoint a committee stacked with opponents of Pres. Rousseff to report on whether to impeach her, a blow to her battle for political survival.
    • Choosing from two lists, lawmakers voted 272-199 to select one with more members of allied parties who are seen as being opposed to Rousseff.
    • Nevertheless, the 199 votes for the pro-government list could indicate that she could yet garner more than the one-third support needed to block an eventual impeachment vote before the full house.
    • The government also is asking the Supreme Court to block the impeachment process, arguing that it was started in a way that is unconstitutional.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 8, 2015, 6:39 PM | 1 Comment
  • Dec. 8, 2015, 4:55 AM
    • Impeachment proceedings against Brazil's President Dilma Rousseff were delayed on Monday, when House Speaker Eduardo Cunha said an agreement couldn't be reached on the creation of a committee to handle the first phase of investigations.
    • Rousseff is accused of illegally meddling with the government's books in 2014 and 2015 to disguise a growing budget gap.
    • Government loyalists, who are hoping for a quick resolution, criticized the delay as a maneuver that was in violation of deadlines set by the rules for an impeachment process.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 8, 2015, 4:55 AM | 4 Comments
  • Dec. 7, 2015, 12:02 PM
    • It's been a record number of corporate credit downgrades for Brazil this year, but 2016 could see a 10:1 ratio of cuts to upgrades next year, says Fitch, especially if the sovereign itself is downgraded.
    • The agency currently has a negative outlook on Brazil and on the grades of more than half of the Brazilian companies it rates. The current grade for Brazil is BBB-, the lowest investment-grade level. S&P has already downgraded the country to junk status.
    • The countries' companies have accounted for 11 of 15 bond defaults this year amid a bribery probe into Petrobras that threatens to engulf pretty much everything in the country. The latest victims include the billionaire founder of investment bank Grupo BTG Pactual, who now sits in a jail cell accused of obstruction of justice, and whose company has been cut to junk, and President Rousseff, who faces impeachment proceedings.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 7, 2015, 12:02 PM | 1 Comment
  • Dec. 2, 2015, 4:40 PM
    • Impeachment proceedings are opened against Brazil's Pres. Rousseff, as the speaker of Brazil's lower house says he is opening the process based on accusations that Rousseff's government broke fiscal responsibility laws.
    • The process could take months, involving several votes in Congress, and Rousseff could challenge any impeachment proceedings in the Supreme Court.
    • Accusations that top members of Rousseff's party accepted bribes, plus surging consumer prices and rising unemployment, have driven the president's approval rating to record lows; the majority of Brazilians polled support the opening of impeachment proceedings.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 2, 2015, 4:40 PM | 6 Comments
  • Dec. 1, 2015, 10:52 AM
    • The country's GDP contracted by a worse-than-expected 1.7% in Q3, and fell by a record 4.5% from a year ago.
    • Declines were across the board, with agriculture contacting 2.4%, industry down 1.3%, and services off 1%. Household consumption fell 1.5%, and gross fixed capital formation shrunk 4%. The trade balance contributed to growth, but only because of a 20% crash in imports.
    • The weak print has economists revising full-year predictions, with at least one seeing contraction of 3.5% vs. an earlier forecast of 2.5%.
    • The only hope for 2016, says Capital Economics, is that things just can't get any worse. Squint hard enough, says the team, and one can see signs the collapse in investment is starting to ease.
    • The Bovespa is lower by 0.1%. EWZ +1%
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Dec. 1, 2015, 10:52 AM | 17 Comments
  • Nov. 27, 2015, 1:13 PM
    | Nov. 27, 2015, 1:13 PM
  • Nov. 27, 2015, 5:12 AM
    • Brazilian President Dilma Rousseff's austerity program is in trouble again and she may face new calls for an impeachment after her point man in the Senate was arrested in a widening corruption scandal.
    • "The arrest felt like a nuclear bomb here in the presidential palace," said a Rousseff aide.
    • Delcidio do Amaral is the ruling Workers' Party's most senior figure in Congress, and is charged for allegedly trying to bribe Petrobras' (NYSE:PBR) former international director, Nestor Cervero.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Nov. 27, 2015, 5:12 AM | 10 Comments
  • Nov. 25, 2015, 9:18 AM
    • Grupo BTG Pactual is lower by 20% in Brazilian trade after its billionaire founder and CEO Andre Esteves was arrested as part of the investigation into the pay-to-play scheme between a group of builders and Petrobras (NYSE:PBR). Police also detained the government's leader in the Senate, Delcidio Amaral, on suspicion of harming the probe.
    • The action's "take the Petrobras probe to a whole new level," says Nicholas Spiro at Spiro Sovereign Strategy. "The scandal is becoming more debilitating by the day."
    • PBR -4.7%, EWZ -4.1%, VALE -2.8% premarket
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Nov. 25, 2015, 9:18 AM | 8 Comments
  • Nov. 20, 2015, 4:13 PM
    | Nov. 20, 2015, 4:13 PM | 4 Comments
  • Nov. 18, 2015, 3:49 PM
    • Brazil stocks are mostly higher and the real is a top gainer among the world's currencies after the Congress upheld Pres. Rousseff’s vetoes of legislation that would have substantially increased spending at a time the government is trying to shore up its budget and prevent a credit rating downgrade.
    • By approving the vetoes, lawmakers granted Rousseff a rare political victory in a year when Congress has voted mostly against the administration.
    • "The votes were a positive sign for markets, although it is a bit early to say that the tide has changed for Brazilian assets," says a currency manager at TOV Corretora de Cambio in Sao Paulo.
    • PBR +3.9%, PBR.A +3.8%, VALE +3.3%, EBR +2.6%, ELP +3%, CIG +2.9%, CPL +4.7%, SBS +3.9%, BSBR +2.8%, BBD +3.4%, ITUB +2.6%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Nov. 18, 2015, 3:49 PM | 11 Comments
  • Nov. 16, 2015, 8:43 AM
    | Nov. 16, 2015, 8:43 AM | 4 Comments
  • Nov. 6, 2015, 4:54 PM
    | Nov. 6, 2015, 4:54 PM | 4 Comments
EWZ Description
The iShares MSCI Brazil Capped Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Brazil 25/50 Index (the “Underlying Index”).
See more details on sponsor's website
Country: Brazil
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