Friday, September 05, 2014 3:52:20 PM
.
Making the numbers! Very bad!!
--------------------------------------------------------
Brazil's Dichotomy: Growth Lower, Stocks Higher
.
3:37p ET September 5, 2014 (Dow Jones)
By Dimitra DeFotis
Brazil slipped into recession in the latest quarter, yet its market keeps moving higher.
Bloomberg's chart of the day Thursday is a big X marking the dichotomy between Brazil's benchmark Ibovespa Index performance and projections for 2015 growth. The index is up 35% from its March 14 low in real, and has rallied 42% in dollars. The big contributors: Petroleo Brasileiro ( PBR) -- whose ADRs are up a whopping 93% from the March low -- and Itau Unibanco Holding ( ITUB), up nearly 62%.
This week, the iShares MSCI Brazil Capped ETF ( EWZ) rose nearly 1.5% for the week. Brazil airline GOL Linhas Aereas Inteligentes ( GOL), which got an upgrade, rallied nearly 13% this week. That compares to the 1.24% rise in the iShares MSCI Emerging Markets ETF ( EEM) for the week.
Stocks have ben rallying on the possibility that if Pres. Dilma Rousseff is unseated, possibly by Marina Silva is a runoff election, reforms and changes could really put a fire under the economy. The latest polls indicate the outcome of the president election, just four weeks away, could be a toss-up.
This week, WSJ explained the latest poll results thusly:
Ms. Rousseff, of the Workers' Party, would get 37% of the vote; Ms. Silva would get 33%; and Brazilian Social Democracy Party candidate Aécio Neves would get 15% in the first round of voting on Oct. 5 ... That result would require a runoff election on Oct. 26, because no candidate would get more than half of the valid votes in the first round, with Ms. Silva defeating Ms. Rousseff 46% to 39% in the second round, according to Ibope.
On Thursday, the Brazilian Central Bank kept its key interest rate unchanged at 11%, in line with the consensus. The rate probably won't change much in the near future, as the need to attack stubborn inflation in Brazil outweighs lower rates that would spur economic growth, the Wall Street
Recent PBR News
- Microsoft Boosts Share Buyback, Raises Dividends by 10%, Intel Secures Chip Deal with Amazon • IH Market News • 09/17/2024 10:40:35 AM
- PETROBRAS ANNOUNCES CLOSING OF OFFERING OF U.S. DOLLAR-DENOMINATED GLOBAL NOTES AND FINAL RESULTS AND SETTLEMENT OF CASH TENDER OFFERS • PR Newswire (US) • 09/16/2024 11:00:00 AM
- PETROBRAS ANNOUNCES EXPIRATION AND EXPIRATION DATE RESULTS OF CASH TENDER OFFERS • PR Newswire (US) • 09/10/2024 11:35:00 AM
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- PETROBRAS ANNOUNCES OFFERING OF U.S. DOLLAR-DENOMINATED GLOBAL NOTES AND COMMENCEMENT OF CASH TENDER OFFERS • PR Newswire (US) • 09/03/2024 12:03:00 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- Starbucks Rises 3%; Disney Unveils New Films and Expansions; Uber CEO Questions Tesla Robotaxi Viability, and More • IH Market News • 08/12/2024 09:46:16 AM
- Sweetgreen Rises 22% on Raised Forecasts, Doximity Jumps 30%, Rocket Lab Soars 14% on 71% Revenue Growth, and More • IH Market News • 08/09/2024 09:48:54 AM
- Nvidia AI Chip Delays, Mars Eyes Kellanova Acquisition, Berkshire Hathaway’s Cash Surge to $277 Billion • IH Market News • 08/05/2024 09:43:55 AM
- Johnson Controls Division Sold for $8 Billion; Alphabet’s Offer Rejected by Wiz; AMD President Announces Retirement • IH Market News • 07/23/2024 10:00:52 AM
- BP Slashes Profit Forecast by $700 Million; Morgan Stanley Predicts S&P 500 10% Drop, and More News • IH Market News • 07/09/2024 10:54:32 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/20/2024 12:07:37 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/20/2024 10:06:39 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/18/2024 09:23:09 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/14/2024 06:28:59 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/14/2024 10:10:59 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/10/2024 01:24:20 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/31/2024 01:03:17 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/29/2024 02:32:34 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 03:30:39 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 10:06:46 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/24/2024 09:07:20 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/24/2024 12:57:48 PM
- OpenAI and News Corp Seal Partnership, DuPont de Nemours Announces Division, and More News • IH Market News • 05/23/2024 11:40:51 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/22/2024 05:02:35 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM