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iShares MSCI Brazil Capped ETF (EWZ)

  • Mar. 22, 2012, 11:44 AM
    Brazilian inflation rises just 0.25% in the month ending in mid-March, slower than estimates for 0.38% and February's 0.53%. The Y/Y rate declines to 5.61% from 5.98%. The jobless rate clicks up to 5.7% from 5.5%, the lowest ever recorded for February, but local quirks make the number a questionable one.
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  • Mar. 15, 2012, 8:09 AM
    The real shoots higher as Central Bank of Brazil minutes indicate rates should continue to fall, but will stabilize above historic lows. The bank surprised markets last week by slashing rates 75 basis points to 9.75%. Brazil ETF: EWZ +0.9% premarket. No action yet in the real ETF (BZF).
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  • Mar. 12, 2012, 11:49 AM
    Brazilian President Rousseff blasts QE, saying the country "will defend itself from these openly protectionist policies ... This artificial currency depreciation is not regulated by the WTO ... we will do whatever is possible and impossible to defend Brazilian industry." The real (BZF) -1.6%. The Brazil ETF: EWZ -2.4%.
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  • Mar. 12, 2012, 9:47 AM
    Economists cut their forecast for Brazil's benchmark lending rate - the Selic - to 9% following the central bank's somewhat surprising 75 bp cut to 9.75% last week. Given the easier monetary policy, the consensus inflation forecasts for 2013 are hiked to 5.5%. Brazil ETF: EWZ +15.8% YTD.
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  • Mar. 8, 2012, 10:17 AM
    The Bovespa +1.2% in early trade following the central bank's somewhat surprising 75 basis point interest rate cut last night. The real (BZF -0.4%) stumbles just a bit. The Brazil ETF: EWZ +0.5%.
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  • Mar. 7, 2012, 8:22 PM
    Brazil's central bank cuts its benchmark rate by 75 basis points to 9.75%. Economists had been expecting a 50 basis point cut, but interest rate futures markets had priced in a healthy chance of 75.
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  • Mar. 7, 2012, 8:45 AM
    Brazil's central bank is expected to lower rates at its policy meeting tonight, but yesterday's weak GDP report brings up the question of how much of a cut? Markets are pricing in something greater than the 50 bps (bringing the benchmark to 10%) expected by economists. Brazil ETF: EWZ +16.1% YTD. Real ETF: BZF +7.3% YTD.
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  • Mar. 6, 2012, 11:16 AM
    Almost $9 out of every $10 put into equity ETFs worldwide in 2012 has gone into emerging market funds, according to BlackRock. It's the best performance ever for the sector in the initial 2 months of a year as investors chase strong performance in places like Egypt (EGPT), Brazil (EWZ), and China (FXI). Two broader EM funds: VWO +12.2%, EEM +12% YTD.
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  • Mar. 6, 2012, 7:42 AM
    Brazil's 2011 GDP growth comes in at 2.7%, short of a recent government forecast of 3% and well off the 4.5% target put in place at the start of the year. The economy grew 0.3% in Q4 (1.4% Y/Y). The central bank is in rate-cutting mode and the finmin "currency war" mode as the country looks to return to speedier growth.
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  • Mar. 2, 2012, 1:38 PM
    Brazil's February trade surplus of $1.15B was a 43% increase Y/Y. The U.S. has been the largest destination for Brazilian goods thus far in 2012 at $4.6B, followed by China at $4B. For sales, it reverses, with China moving $2.64B of product to Brazil and the U.S. $2.36B.
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  • Mar. 2, 2012, 3:04 AM
    Brazil launches a new "currency war" against the U.S. and Europe, warning the government won't "sit by passively" as developed nations pursue expansionary monetary policies at Brazil's expense. In response, Brazil is extending a tax on foreign borrowings and threatening further capital controls, but analysts expect the measures to have limited impact.
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  • Mar. 1, 2012, 8:21 AM
    Brazil February PMI rises to 51.4 (50.6 previously), an 11-month high. The index measuring the stock of finished goods not only remains below 50, but fell in February, notes HSBC economist Andre Loes, suggesting the manufacturing improvement is something beyond just the inventory cycle.
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  • Feb. 29, 2012, 3:09 AM
    Bank lending in Brazil fell 0.2% last month, the first contraction in almost three years, while loan defaults rose for the first time in two months. Both underscore the abrupt slowdown in Latin America's largest economy, though seasonal factors also contributed to the weakness.
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  • Feb. 27, 2012, 7:45 AM
    Brazil's central bank president Tombini reiterates his commitment to continue cutting rates despite a survey showing current real rates are inconsistent with keeping inflation below the bank's 4.5% mandate. Tombini also says the bank will continue buying dollars to combat the real's rise, +9.2% YTD.
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  • Feb. 20, 2012, 9:58 AM
    Brazilian banks increased their provisions against bad debt by 21% last year to 115B reais ($67.3B). With pressure increasing on borrowers, Brazilian families are now spending about half of their incomes to service debt, with the highest default rates among so-called "Class A" consumers, higher-income individuals perceived as having the lowest risk of default.
  • Feb. 10, 2012, 3:10 PM
    Brazil's consumer prices rise 0.56% in January, the fastest pace in 9 months. The annualized rate slowed to 6.22%. "The economic slowdown didn't affect inflation ... there's strong inertia," says economist Solange Srour. Still, traders are maintaining bets of a 50 basis point cut in rates at the central bank's March meeting. EWZ -2.6%.
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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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