Ibovespa has its worst score since January; Usiminas, Gerdau and CSN have strong drops | Economy

The index registered a decrease of 0.14%, to 103,110 points – the worst mark since January 10 (101,945 points). see more quotes.

On Monday, the stock market closed down 1.79%, at 103,250 points. With today’s result, it started to accumulate drops of 1.93% in the week, 4.42% in the month and 1.63% in the year.

What is messing with the markets?

The biggest casualties came from the mining and steel sector, with Usiminas retreating more than 6%, while Gerddi fell more than 5% and CSN lost almost 7%.

according to Ana Flor’s blogthe economic area of ​​the Jair Bolsonaro government is sending new cuts in taxes and import tariffs to try to contain inflation in an election year.

The government is currently studying a new 10% reduction in the Common External Tariff (TEC) applied to most products that come from outside Mercosur (that is, that are not imported from Argentina, Paraguay and Uruguay) and a reduction to zero of import taxes for 11 products, such as steel and basic food items.

On the local agenda, the Central Bank earlier released the minutes of the last meeting of its Monetary Policy Committee (Copom)which raised the benchmark interest rate to 12.75% last week.

In the document, the BC points out that this increase, with an impact on bank rates, “creates a risk of a stronger deceleration [da economia] than anticipated in the quarters ahead, when its impacts tend to become more evident”.

Market attention also remains abroad, with investors fearing that central banks in major economies (especially the US) will need to raise interest rates more quickly to try to control inflation.

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