Financial market points to Brazil's GDP at 0.87% in further reduction of growth estimate of the economy; reserve period for the purchase of Petrobras shares (PETR3; PETR4) ends today

For the 17th consecutive reduction, the Focus Bulletin, made by the Central Bank of Brazil indicated that the country's economy should grow less. The Focus Report is based on financial market estimates. According to the Focus Bulletin released today, June 24, 2011, the expectations of financial institutions for Brazil's Gross Domestic Product (GDP) in 2019 went from 0.93% to 0.87%.

Inflation expectations decline to 3.82% and the market begins to predict interest cuts. The figures presented today are the result of research conducted by the Central Bank of Brazil last week. The Selic, the basic interest rate in Brazil, is projected to 5.75% by the Focus bulletin. Currently, it is 6.5%.

Today, the reserve of shares on offer from Petrobras also ends. The state-owned company is on the street with an offer of shares that could reach R$ 7.672 billion. The state bank Caixa Econômica decided to dispose of all its common shares of the oil company. Of the total, up to 24% will be primarily negotiated with individuals.