Brazil Stock Market Index Hits Record High, Closes above 100,000

According to hedge fund firm Bahia Asset Management, Brazilian stocks are the most attractive asset in the local market, and the Ibovespa may gain another 20 percent by year-end to about 120,000.

By Newsfeed/Bloomberg

SÃO PAULO, BRAZIL - Brazil’s equity benchmark Ibovespa index closed on Wednesday, June 19th, above the 100,000 mark for the first time on record as dovish signals from the Federal Reserve added support to global asset prices, potentially signaling increased odds for rate cuts in Brazil.

The index rose 0.9 percent to 100,303 on Wednesday, pushing gains this year to 14 percent.

Investors have been seeing increased likelihood of the approval of President Jair Bolsonaro administration’s flagship social security overhaul as fewer lawmakers seem inclined to vote against it.

The optimism regarding . . .

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