2018.03.0718:31:00UTC+00BRAZIL: Ibovespa Falls Amid Tension Caused By U.S. Trade War Talks

Ibovespa, the benchmark index of the Brazilian stock exchange, fell 0.2% to close at 85,483.55 points Friday, cutting losses at the end of the day tracking the U.S. markets but primarily influenced by investors' fears on potential import duties on steel and aluminum.

"The stock markets out there improved, but the foreign market still weighed on the index, as a result of the fear on Trump's measures," said Rafael Passos, an analyst at Guide Investimentos.

On Tuesday, Gary Cohn, the chief economic adviser to the White House, stepped down amid alleged disagreements with the president of the United States, Donald Trump, regarding the imposition of duties on steel and aluminum imports.

"The market is attentive with who could replace him and if that person has identification with Trump's protectionist measures," Passos said.

In the business field, Petrobras' preferred shares fell 1.05%, driven in part by the oil price drop abroad, and partly by Henrique Meirelles' comments on the company's pricing policies.

The improvement in the market at the end of the trading session suggests that the index may rise tomorrow, said H. Commcor's chief operating officer, Ari Santos. For Passos, caution with the U.S. employment data that will be published on Friday may bring volatility to the Ibovespa.

The locally traded U.S. dollar rose 1.02%, quoted at R$ 3.244, amid renewed fears of a trade war after Gary Cohn, the chief economic adviser to the White House, stepped down yesterday amid alleged disagreements with the president of the United States, Donald Trump, regarding the imposition of duties on steel and aluminum imports.