The Ibovespa index traded slightly higher on Thursday, after rising 2.2% in the previous session amid hopes of a global economic recovery as countries continued to lift coronavirus restrictions. Investors are closely monitoring domestic political developments after the head of Brazil’s top electoral court said that will hear arguments related to two cases seeking to nullify the 2018 presidential election. On Wednesday, Brazil’s central bank economic policy director Kanczuk said that a level of 2.25% for the Selic interest rate is not “written in stone”, suggesting that policymakers may cut rates more than they have previously indicated.
Historically, the Brazil Stock Market (BOVESPA) reached an all time high of 119593.10 in January of 2020. Brazil Stock Market (BOVESPA) - data, forecasts, historical chart - was last updated on June of 2020.
The Brazil Stock Market (BOVESPA) is expected to trade at 90174.87 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 82195.29 in 12 months time.