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Non-Tech : The Brazil Board
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To: THE ANT who wrote (1878)2/1/2019 5:46:46 AM
From: elmatador  Read Replies (1) of 2508
 
The performance of Brazilian asset prices so far in 2019 has been exceptional.

But, although the importance of external factors to the dynamic of Brazilian assets is well known, it is often forgotten. We conclude that most, if not all, of the improvement in Brazilian assets in January could be related to external factors rather than factors specific to Brazil.

This could represent both a problem and an opportunity, in our view. We see a potential opportunity because there could be room for additional improvement if the country delivers on pension reform, privatizations, and a short-term fiscal adjustment.

The danger, in our view, is if Brazil does not take advantage of the positive global environment to do the fiscal adjustment in order to be better prepared for a rainy day. As history shows, the favorable view of international investors toward Brazil will not last forever.



Sourve; Mauricio Molan
Head of Macro Research na Santander Brasil
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