Brazil’s real posted the biggest weekly advance since June as investors speculated potential government measures will fail to halt dollar inflows following Petroleo Brasileiro SA’s $70 billion share sale.
The real weakened 0.1 percent to 1.6897 per dollar at 5 p.m. New York time, from 1.6873 yesterday, paring its weekly gain to 1.3 percent.
Repsol YPF SA said today its Brazilian unit will get a $7.1 billion investment from China Petrochemical Corp. in the second- largest overseas purchase by a Chinese company. Central bank President Henrique Meirelles said earlier this week that Brazil is considering higher taxes on capital entering the country after Petrobras, the state oil company, held the world’s biggest share sale.
“We’re talking about benign, long-term flows,” Leonardo Kestelman, Brazil head of Dinosaur Securities Inc., said by phone from Sao Paulo. “There’s not much the government can do. There’s only news to make the dollar weaken.”
In the overnight interest-rate futures market, the yield on contracts due in January 2012 fell six basis points, or 0.06 percentage point, to 11.44 percent.
To contact the reporter on this story: Alexander Cuadros in Sao Paulo at acuadros@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
http://jodnet.blogspot.com
The real weakened 0.1 percent to 1.6897 per dollar at 5 p.m. New York time, from 1.6873 yesterday, paring its weekly gain to 1.3 percent.
Repsol YPF SA said today its Brazilian unit will get a $7.1 billion investment from China Petrochemical Corp. in the second- largest overseas purchase by a Chinese company. Central bank President Henrique Meirelles said earlier this week that Brazil is considering higher taxes on capital entering the country after Petrobras, the state oil company, held the world’s biggest share sale.
“We’re talking about benign, long-term flows,” Leonardo Kestelman, Brazil head of Dinosaur Securities Inc., said by phone from Sao Paulo. “There’s not much the government can do. There’s only news to make the dollar weaken.”
In the overnight interest-rate futures market, the yield on contracts due in January 2012 fell six basis points, or 0.06 percentage point, to 11.44 percent.
To contact the reporter on this story: Alexander Cuadros in Sao Paulo at acuadros@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
http://jodnet.blogspot.com
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