Roberto Padovani News
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Brazil’s industrial production rebounded less than economists forecast in March as the world’s second-biggest emerging market continues to respond slowly to government stimulus measures.
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Brazil’s central bank signaled it will continue to raise interest rates at a moderate pace as it says weak global growth may help contain above-target inflation.
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The Bovespa index sank the most since September 2011 as commodities prices plunged amid concern that slower growth in China, Brazil’s top trading partner, will curb demand for raw materials.
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Brazil’s central bank said monetary policy requires caution amid a slower-than-expected recovery, signaling policy makers may refrain from increasing borrowing costs in April even as inflation quickens.
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Brazil’s President Dilma Rousseff reaffirmed her commitment to contain price increases and said her earlier comment that anti-inflation policies shouldn’t sacrifice growth had been misinterpreted. Swap rates pared declines after the president’s comments.
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Brazil’s inflation unexpectedly accelerated as central bank President Alexandre Tombini reiterated his plan to hold interest rates at their current level, while investors bet on more cuts next year.
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Brazil’s swap rates climbed to a six-month high as a report showed annual inflation accelerated in February, fueling speculation the central bank will lift borrowing costs this year.
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Brazilian consumer prices rose in January at the fastest pace since April 2005, raising pressure on the central bank, which has said it will keep interest rates at a record low for a prolonged period. Swap rates rose.
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Brazil’s swap rates fell from a five-month high as retail sales unexpectedly declined in December, reducing speculation that the central bank will raise borrowing costs to curb inflation.
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Brazil’s central bank will need to raise interest rates more than previously forecast in 2011, as economists see accelerating inflation next year.
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