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iShares MSCI Brazil Capped ETF (EWZ)

  • Dec. 30, 2011, 7:42 AM
    Brazil's surging economy of the past few years owes a least a bit to its citizen's appetite for debt (and bank willingness to issue it), making bill collecting the latest boom industry there. The volume of credit has doubled to 50% of GDP in less than a decade, with 5.6% of the $1.1T total more than 90 days past due. Some Brazilian banks YTD: BBD -19%, BSBR -41%, ITUB -24%.
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  • Dec. 28, 2011, 3:20 PM
    The oil spill off of Brazil's coast might reveal more about politics in Brazil than failings with Chevron (CVX -1.5%), according to The Economist. While politicians spend time dickering over how to split exploration royalties and demonizing Chevron over a relatively small spill, they risk seeing foreign companies pull out and losing their status as an oil major.
  • Dec. 27, 2011, 4:00 AM
    The U.K. loses its spot as sixth-largest economy to Brazil, says the Center for Economics and Business Research, as the resource-rich South American economy has surged on exports to China. The latest CEBR forecasts revise global growth down to +2.5% in 2012, though the figure could fall to +1.1% should "one or more countries” leave the euro.
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  • Dec. 23, 2011, 8:31 AM
    Brazil dips its toe into the QE business, de facto requiring large lenders use part of their reserves deposited with the central bank to purchase loan portfolios from smaller institutions. If the big banks don't participate, they won't receive interest on a portion of their deposits with the central bank, no small inducement when the rate is 11%.
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  • Dec. 23, 2011, 6:54 AM
    Chevron's (CVX) oil spill in Brazil raises the stakes with government officials keen to keep the nation's beaches pristine in advance of hosting the 2014 World Cup and 2016 Olympic Games. Economist Adriano Pires warns that new drilling could be so rigid that oil exploration becomes unprofitable.
  • Dec. 22, 2011, 7:12 AM
    Brazil November unemployment falls to 5.2% vs. expectations for 5.7%. Interest rate futures fall a bit, reflecting somewhat less of a chance of further rate cuts by the central bank.
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  • Dec. 21, 2011, 7:47 AM
    Brazilian inflation (measured from mid-month November to mid-month December) rises to 0.56% from 0.46 previously, inline with expectations. The Y/Y rate slows a hair to 6.56% above the target of 4.5% plus/minus 200 bps, but close enough for the central bank not to have to abandon its rate-cutting cycle.
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  • Dec. 20, 2011, 12:17 PM
    The watch is on the see if Brazilian inflation - 6.64% through November - can nose under 6.5% for the year, within the central bank's goal of 4.5%, plus or minus 2 points. Like the the BoE's Mervyn King, Alexandre Tombini of Brazil's central bank will have to write an explanatory letter if it misses.
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  • Dec. 20, 2011, 10:10 AM
    As the Mercosur summit opens in Montevideo, higher tariffs on a slew of products look to be on the way as South America contends with a flood of cheap Asian imports. Argentina and Brazil have already agreed to a considerable boost in the average 14% rate, with just some back-room haggling left to bring other countries on board.
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  • Dec. 13, 2011, 12:07 PM
    Fitch cuts its 2012 GDP forecast for Brazil to 2.8% from 3.5%, noting the recent weakness in the country's economic data and the potential of a hard landing in China causing softness in the commodity sector. The agency says Brazil's BBB rating remains "well supported by strong international reserves."
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  • Dec. 12, 2011, 8:02 AM
    Brazil's deputy finance minister says the government is finished with heavy lifting from the fiscal side, leaving it to monetary policy to help boost growth there for the next year. Markets have priced in an additional 125 bps in rate cuts over the coming year as the economy is expected to show 3% growth for 2011 vs. 7.5% in 2010.
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  • Dec. 8, 2011, 8:14 AM
    Brazil November inflation rises 0.52% from 0.43% previously, roughly inline with expectations. The annualized rate is 6.64%. The country has heavy exposure to China's now-slowing appetite for commodities and was one of the first around the world to cut rates this year. Today's news shouldn't halt that course.
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  • Dec. 6, 2011, 8:19 AM
    Brazil's once-booming economy flatlines in Q3 and rises just 2.1% Y/Y vs. expectations of 2.7%. Europe is no doubt having effect, but don't forget China, the major consumer for the raw materials Brazil is chock full of. Economists slash their full year estimates for 2011 and 2012 to 3.09% and 3.48% respectively. 2010 growth was 7.5%.
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  • Dec. 1, 2011, 8:31 AM
    Brazil's November PMI jumps to 48.7 from 46.5 previously. The country was among the first of the emerging markets to initiate a monetary easing cycle, and cut rates for the 3rd time in 3 months yesterday. Markit provides a longer term chart of BRIC PMIs, all near flatline territory at the moment. (PR)
  • Nov. 30, 2011, 5:18 PM
    As expected, Brazil's central bank cuts its benchmark rate 50 basis points to 11%. "By timely mitigating the effects of a more restrictive global environment, a moderate adjustment in the base rate is consistent with the convergence of the inflation scenario with the target in 2012."
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  • Nov. 30, 2011, 2:51 PM
    Brazil's central bank is expected to announce its 3rd consecutive rate cut after markets close today, bringing its benchmark down 50 bps to 11%. The bank was ahead of the curve and took flack for what now looks to be a prescient move by beginning its easing cycle back in August. EWZ +4.6%.
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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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