Banco Bradesco Shares Hold Steady as Brazil Cuts Rates
Banco Bradesco’s preferred shares finished unchanged at R$17.47 in São Paulo on Friday. Investors didn’t see much reaction to the latest Brazilian rate cut. The stock moved in a tight range from R$17.40 to R$17.59 before ending about 1.9% lower than a week ago. The Ibovespa ticked up 0.03% to 168,334 points. Itaú Unibanco slipped 0.80%, Banco do Brasil shed 0.56%. Brazil’s central bank on Wednesday lowered the Selic by 25 basis points to 14.25%, delivering a third cut in a row and signaling more decisions will hinge on fresh data. "The easing cycle is likely to become stop-start from here on," Liam Peach, senior emerging markets economist at Capital Economics, told Reuters.