Brazilian stock index top 100,000 points for first time
The Ibovespa, the country’s main index in Sao Paulo, has increased by more than 13% since Bolsonaro took power on 1 January.
Brazil’ President Jair Bolsonaro poses with the pen used during the swearing-in ceremony for the ministers at the Planalto Palace in Brasilia on 1 January 2019, after his own inauguration at the national Congress. Picture: AFP.
RIO DE JANEIRO – Brazilian stocks topped 100,000 points for the first time on Monday, on hopes for progress in President Jair Bolsonaro’s promised pro-market reforms.The Ibovespa, the country’s main index in Sao Paulo, has increased by more than 13% since Bolsonaro took power on 1 January.The new record coincides with Bolsonaro’s visit to Washington where he will meet with his US counterpart Donald Trump. It also comes after Friday’s successful auction of concessions to 12 regional airports that was seen as the first major test of foreign investor confidence in the far-right leader’s market-friendly agenda.Bolsonaro has made privatizing state-owned companies and overhauling the costly pension system key planks of his policy to reduce soaring public debt and regain investor faith in Latin America’s largest economy.