Brazil's Bovespa Index Reaches Six-Month High
BRASILIA, April 24 (Reuters) - Brazilian stocks rallied to their highest close in more than six months on Friday, as optimism about the world's largest economy boosted appetite for riskier assets and lifted the national currency.
Sao Paulo's main stock index, the Bovespa (^BVSP) rose 2.12% to 46,772 points -- its highest close since early October 2008 (see chart above). The index has gained nearly 25% so far this year, and almost 50% since the November bottom.
HT: Dennis Gartman, who writes in today's The Gartman Letter that "The world wants “stuff” and Brazil has “stuff” for sale."
2 Comments:
It's interesting how good it is for your economy when you're willing to sell your stuff to others without being willing to buy their stuff in return.
Brazil has one of the most protectionist economies in the world. http://www.reuters.com/article/LatinAmericanInvestment07/idUSN2342710520070323
Looking at charts from around the world, the BRIC economies (Brazil Russia India China) all have charts showing 6 - 7 month highs. Canada Australia are testing their January February highs, whereas the US UK Japan France and Germany are still to recover their February highs.
Post a Comment
<< Home