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Brazil’s stock market react to rumors of Health Minister firing

. Apr 06, 2020
stock market Brazil’s fund industry surviving the Covid-19 crisis

Brazil’s benchmark stock market index Ibovespa has slowed down after news broke that President Jair Bolsonaro is set to fire Health Minister Luiz Henrique Mandetta after days of rising tensions. Ibovespa started the day up 8 percent following worldwide optimism, as Italy and Spain showed signs that the Covid-19 outbreak could be slowing down and investors await a deal between Russia and Saudia Arabia sustaining oil prices

stock market Brazil’s fund industry surviving the Covid-19 crisis

On the local front, the news that the National Monetary Council has forbidden banks from distributing dividends — in an attempt to make them reinvest money in the economy — has also added to the relief and helped the bank sector to sustain Ibovespa’s high. 

However, by 4.48 pm, the stock market index have moderated highs to 6 percent, after reaching 4.5 percent. At the same time, American indexes S&P500 and Dow Jones Industrial Average rose 7 percent.

 
Natália Scalzaretto

Natália Scalzaretto has worked for companies such as Santander Brasil and Reuters, where she covered news ranging from commodities to technology. Most recently, she worked as an Editor for Trading News, the information division from the TradersClub investor community.

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