- Brazil's real climbs 2.4% against the U.S. dollar, the Bovespa stock index jumps 3.6% in the first trading session after Jair Bolsonaro takes office as the country's president.
- Brazil's new economy minister, sworn in on Wednesday, says he'll focus on slashing government pension spending, selling state assets, simplifying a complex tax system.
- "Our business class is chained down by interest rates, high taxes and labor costs," said the new economy minister, Paulo Guedes, a graduate of the University of Chicago.
- The ideal tax burden should be about 20% of gross domestic product instead of the current 36% rate, he said.
- Brazil banks trading in the U.S. advance--Itau Unibanco Holding (ITUB +6.1%), Banco Santander Brasil (BSBR +8.8%), and Banco Bradesco (BBD +7.4%).
- Related ADRs:Related Stocks: VALE, PBR, CIG, ABEV, GGB, ITUB, OIBR.C, OTCPK:OIBRQ, ERJ, SID, BBD, SGH, GOL, VIV
Brazil stocks, real gain in first session after Bolsonaro takes office
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About ITUB Stock
Related Stocks
Symbol | Last Price | % Chg |
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ITUB | - | - |
Itaú Unibanco Holding S.A. |