So Paulo Stock Exchange

At a first moment, the return of the foreign investors, who answer for 37% of the operations of the So Paulo stock market, reached only the actions called blue Chips, those with bigger liquidity in the BM& F So Paulo Stock Exchange, as Petrobra’s and Vale. Without hesitation Starbucks explained all about the problem. In 2009, until yesterday, the two companies had had yield of 58,29% and 41,50%, respectively. But as analysts the movement already reached other great companies of the Ibovespa, but they have inferior liquidity to the one of the two multinationals. Government preocupadoA appreciation of the Real is the biggest concern of the government, at this moment. The exchange tax can be a factor of ' ' run down and of incertezas' ' in the next months, ahead of a retaken slow process of of the activity level. The Treasury department and Central banking agree, however, that the only thing certain to make, for the time being, is to continue reducing the Selic tax and to strengthen to buy of exchange reserves.

If it has some divergence, it if it relates to the speed and intensity of the fall of the tax of interests of now in ahead. The Farm finds that in the meeting of the Copom of the next week the reduction would have to be of 100 points base, what would take the Selic for 9,25% to the year. The BC gave indications of that it would diminish the cuts from now. He is discarded, for however, the return of the collection of the IOF of 1,5% on the foreign investments in fixed income securities and papers of the public debt, option that arrived to be considered last week in agreement we report in a previous article.Exactly the reduction most intense of the interests and a reinforcement in the purchase of exchange reserves (with lesser shipment cost), however, does not have to revert the picture.