UBS not ready to buy the dip in Brazil

|By:, SA News Editor

Despite a rough stretch for Brazilian shares, weaker-than-hoped economic growth and a softer real aren't yet priced into analyst estimates, says the team at UBS.

With an upcoming election and maybe even worsening macro situation, a sizable rebound seems unlikely.

According to UBS's analysis, only 4 of 17 market sectors are trading one standard deviation below their long-term averages.

Source: Bloomberg

The iShares MSCI Brazil Capped ETF (NYSEARCA:EWZdown 19% YTD.

ETFs: EWZ, BRZU, BRF, EWZS, BZQ-OLD, BRAQ, UBR, BRAZ, DBBR, FBZ

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