SAO PAULO - Investor optimism is on the rebound in Brazil after the government made progress on a pension reform bill, shifted its focus to tax reform and has cut interest rates to record lows, even as Mexico’s outlook deteriorates.
The estimate is slightly higher than the last Reuters poll in May, but optimism remains below where it was in February, when the government of Jair Bolsonaro had just come into office and investors then expected the Bovespa to rise to 120,000 points.will close at a median of 45,500 points, up about 12% from where it stands now, but still over 5,000 points short of its July 2017 high. That estimate marks the third downward revision in a row.
“When it hits 95,000, or 93,000 points, that is the time to buy in,” said Jose Francisco de Lima Gonçalves, chief economist at Banco Fator. Brazil’s benchmark interest rate has also fallen to a record low and may not have yet reached its floor, which analysts hope will push Brazilians into equities, despite foreign investors cutting their exposure this year.
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