Investors ignore Mandetta departure and focus on international news

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The sacking of Health Minister Luiz Henrique Mandetta did not have a significant impact on Brazilian markets this afternoon, as investors believe the instability surrounding the minister’s inevitable firing had been priced in the past few days. Ibovespa’s benchmark stocks index closed the day down 1.3 percent, following international concerns over oil and massive layoffs in the U.S., which already exceed 22 million. Meanwhile, the tech sector provided a boost for U.S. indexes.

The main reason for worry at the present time is China’s GDP results for Q1, set to be published tonight. Bloomberg estimates a 6 percent fall over the first three months of the year. The data may shed new light on the real economic impact of the pandemic for Brazil’s biggest trade partner and help to guide potential scenarios for the local market.