Brazil's Ibovespa extended losses for a second straight session on Tuesday, tracking losses in Wall Street as tech sell-off continued amid fresh concerns over higher inflation. Locally, the head of Brazil's federal health regulator Anvisa, Antonio Barra Torres, participates in a hearing in the Parliamentary Inquiry Commission (CPI) that investigates possible omissions by the federal government in the fight against the Covid-19 pandemic. On the data front, Brazil's annual inflation rose to 6.8% in April, the highest since 2016, well above the 5.25% upper limit of the central bank's range. Meantime, the minutes of the May 4-5 monetary policy meeting showed Brazil's central bank expects to raise interest rates by another 75 basis points in June to keep inflation under control, while suggesting it is unlikely to make an uninterrupted cycle of hikes to a 'neutral' level.
Historically, the Brazil Stock Market (BOVESPA) reached an all time high of 125323.53 in January of 2021. Brazil Stock Market (BOVESPA) - data, forecasts, historical chart - was last updated on May of 2021.
The Brazil Stock Market (BOVESPA) is expected to trade at 118203.00 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 107743.20 in 12 months time.