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iShares MSCI Brazil Capped ETF (EWZ)

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  • Jul. 4, 2012, 2:07 PM
    Brazil plans to continue cutting rates in 50 bps increments as the economy recovers more slowly than expected, according to a government source familiar with the matter. The eurozone crisis, though somewhat stabilized, and the U.S. fiscal situation are hurting investor and consumer confidence in Brazil, said the official.
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  • Jul. 2, 2012, 9:31 AM
    Brazil's June PMI falls to 48.5 from 49.3 previously, the lowest read since October. The Q2 average of 49 is below Q1 of 51 and 2011 Q2 of 50.1, notes HSBC. "This also reinforces the perception that the manufacturing sector kept struggling with competitiveness issues," i.e., the real is too strong.
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  • Jun. 14, 2012, 9:35 AM
    Brazilian retail sales rose 0.8% in April vs. expectations for a 1.4% increase. A peek inside the data shows big-ticket items performing a little better than smaller ones. Are government efforts to impose credit-driven growth on already overstretched consumers working?
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  • Jun. 5, 2012, 9:50 AM
    Brazil's May services PMI dives to 49.7 from 54.4 previously. It's the lowest level since July 2009 and follows the manufacturing PMI also sliding below the 50 level. "Sluggishness in the industrial sector is spreading to services," says HSBC's Andres Loes.
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  • Jun. 1, 2012, 9:14 AM
    Brazil's May PMI at 49.3 is unchanged from April, but remains in contraction territory, with export orders falling to their lowest level of 2012. "(The) manufacturing sector is going through a particularly difficult time, squeezed between rising costs on one side, and competition from imports on the other," says HSBC.
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  • May. 31, 2012, 12:54 PM
    "Investors appear to have thrown in the towel on Brazil," says BAML of a survey of fund managers. Fourteen percent are underweight Brazil, a sharp turnaround from a month ago when 20% were overweight. The central bank has been aggressively slashing rates - normally a green light for stocks - but investors are reading the cuts as panic moves in a stagnating economy. EWZ -31.7% Y/Y.
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  • May. 30, 2012, 7:29 AM
    Brazil's central bank is set to cut rates for the 7th consecutive time tonight to deal with a still-slowing economy. Consensus is for a 50 basis point reduction to 8.5%. At its last policy meeting, the bank surprised with a 75 bp cut. Brazilian shares have performed about as badly as Spain's of late. EWZ -24% in the last 90 days.
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  • May. 25, 2012, 12:55 PM
    With credit conditions worsening abroad, Brazil makes it easier for three of the country's giant firms - VALE, Petrobas (PBR), and Electrobas - to tap the state development bank for funding. Together, the three make up 25% of the Bovespa index, which is +1.3% today. EWZ +2.2%.
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  • May. 22, 2012, 1:22 PM
    Further steps to juice its economy, Brazil announces another $1B in tax cuts and the central bank frees up about $9B in reserves in exchange for banks allowing auto loans on better terms. Perhaps disappointed with the minor measures (GDP = $2.5T), the Bovespa continues to struggle, -2.1%.
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  • May. 18, 2012, 3:32 PM
    Brazil's economic activity index fell 0.35% in March and rose just 0.91% Y/Y, well below expectations for a 2.4% gain. The news prompted yields on interest rate futures contracts to fall to record lows as traders place bets on more policy ease from the central bank. The Bovespa outperforms today, +1.5%.
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  • May. 17, 2012, 1:29 PM
    Remain underweight Brazil despite easier monetary policy, argues BCA, saying the nation's banks face difficulties on two fronts: Funding difficulties as EU banks delever, and deterioration of credit portfolios as delinquency rates rise even with unemployment at a record low. EWZ -8.8% YTD.
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  • May. 17, 2012, 12:08 PM
    Mexico's Q1 GDP increased 4.6% Y/Y vs. expectations of 4.5% and from 3.9% in 2011 Q4. The strong performance of the peso this year has failed to dent manufacturing or exports, with March's trade surplus of $1.6B the highest for one month since 1985. Mexico (EWW) vs. Brazil (EWZ) this year.
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  • May. 15, 2012, 11:23 AM
    Brazil continues aggressive fiscal and monetary ease, as President Rouseff plans to cut taxes for electricity producers and distributors. It's the latest in a series of tax cuts for industry, and officials say these will be the most aggressive yet. Thus far, the Bovespa is fighting the sell off, +0.2%.
    | 1 Comment
  • May. 14, 2012, 3:16 PM
    Top Brazilian officials privately cut their forecast for 2012 economic growth to 3%, inline with private economists, and well below the government's official 4.5% forecast. They remain confident growth will bounce in H2, thanks to 350 basis points in rate cuts working through the pipeline as well as a number of expansive fiscal measures. The Bovespa today, -2.8%.
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  • May. 9, 2012, 12:04 PM
    Brazilian inflation gains 0.64% in April, the biggest jump in a year, and ahead of estimates for 0.59%. The speedy move was helped by a 12.3% decline in the real over the last 3 months, but is unlikely to push the central bank off a course of further rate cuts, especially as the annual inflation rate fell to 5.1% from 5.24%. EWZ -1.6%.
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  • May. 3, 2012, 8:26 AM
    The real (BZF) was the worst performing emerging market currency last month, losing 4.3% vs. the dollar to about its weakest level in 3 years. Some expect the central bank to continue its aggressive ease and cut the Selic below 8.75% this month (8.75% in Brazil is like 2% in the U.S. - unimaginable, until recently). The weakened real isn't yet doing holders of EWZ any favors.
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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”).
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Country: Brazil
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