08/10/2024 – 11:54
The Bovespa Index is falling this Tuesday morning, the 8th, but is moving away from the lows of the day, when it fell by up to 1.25%. Frustration with new economic incentives in China has driven down iron ore prices and favors recent profit-taking in oil. As a result, the shares of Petrobras, Vale and steel companies are penalized on the Brazilian stock exchange.
At the end of the Golden Week holiday, analysts expected China to announce a package worth trillions of yuan.
However, the head of the country’s National Development and Reform Commission (NDRC), Zheng Shanjie, only spoke of bringing forward 100 billion yuan ($14.1 billion) of next year’s investment budget and another equivalent amount for construction projects. As a result, iron ore prices lost more than 2% in China and more than 5% in Singapore.
“The Ibovespa falls basically due to the fall in commodities, on a day with few highlights. The market continues to operate waiting for data from the IPCA (tomorrow) and the CPI in the United States (on Thursday)”, says Diego Faust, variable income operator at Manchester Investimentos.
At 11:48 am, the Ibovespa was down 0.73%, at 131,052.74 points. Vale ON fell 3.55%, while Petrobras ON and PN lost 2.66% and 2.48%, respectively.
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