A B3, the Brazilian stock exchange, inaugurates this Tuesday (16) the Brazilian version of the “golden bull” statue. The original piece is in Manhattan, New York, and was associated with Wall Street, an area of the city that concentrates the main stock exchanges in the United States.
The statue will be located in front of the stock exchange’s headquarters, on XV de Novembro Street, in the center of the city of São Paulo. The statue of the bull, also called “Wall Street Bull” or “Charging Bull” is 3.4 meters high and 4.9 meters long, but B3 did not say whether the Brazilian version will have the same characteristics.
The bull is associated not only with Wall Street, but with the financial market as a whole. The animal is used to refer to a situation in which the market is at a high – the so-called “bull makert” – referring to the movement that bulls make from the bottom to the top. In opposition, there is the bear, used to refer to a market with a downtrend and weak assets, the “bear market”.
The person responsible for the original statue is the Italian artist Arturo Di Modica. He created the work in 1987 to represent his confidence in the recovery of the financial market of the USA after a stock meltdown in the same year. Modica died in February 2021, aged 80 years.
The inauguration of the Brazilian statue takes place in a scenario of expansion of Brazilian investment in variable income in recent years, stimulated by low levels of the basic interest rate, the Selic rate. B3 currently has more than 4 million registered accounts, an increase of 26% compared to the previous year, with approximately R$490 billion traded.
However, the Selic rate has gone through a high cycle in 2021 by the central bank due to the advance of inflation. In general, a scenario of higher interest rates is negative for the stock market, as the yield on the bonds of the treasure are linked to the Selic and, thus, may become more attractive than investing in shares.
In a statement, the exchange informed that the statue is a partnership with economist Pablo Spyer and artist and architect Rafael Brancatelli.
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Reference: CNN Brasil
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