Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Brazil banks gain after JPMorgan keeps 'overweight' on Brazil stocks

Published 06/08/2018, 10:53 AM
Updated 06/08/2018, 10:53 AM
© Reuters.  Brazil banks gain after JPMorgan keeps 'overweight' on Brazil stocks
  • Banco Santander (MC:SAN) Brasil (BSBR +3.5%), Itau Unibanco (ITUB +1.5%) and Banco Bradesco (BBD +1.4%) rise in morning trading, possibly buoyed by a JPMorgan (NYSE:JPM) note saying it's too late to downgrade Brazilian stocks now.
  • Widely-watched Brazil ETF (NYSEARCA:EWZ) +1.2; Brazil real rose against the U.S. dollar, BRL/USD to $0.2625, +2.56%.
  • The note from strategists led by Emy Shayo says it would have been better to downgrade Brazilian stocks a month ago, but now isn't the time, Bloomberg reports.
  • The country is in a better position than it has been historically, and inflation is lower than the last time the Brazil real approached 4/US$; furthermore, monetary policy will probably be accommodative until H2 2019, the note says.
  • JPMorgan also keeps Argentina at "overweight" and Mexico at "underweight."
  • ETFs: EWZ, BRZU, BZF, BRAQ, UBR, DBBR, FBZ
  • Now read: Brazil In Big Trouble


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.