Brazil's stocks rebounded on hopes for easing measures

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Source: Dukascopy Bank SA
Brazilian stocks erased pervious losses on Monday amid speculation that lower growth estimate for Brazil's economy is likely to force the central bank to reduce interest rates. Hopes for easing in the US also continued to lend support for Brazilian equities. Adding to the positive mood of Brazilian stocks, the country's trade balance increased more than expected last week. The Bovespa climbed 0.39% to close at 57,281.45. Five out of nine sectors within the index rose. The largest gains poised telecommunication and utility companies. Oi and Telefonica Brasil gained 2.08% and 2.80% while CPFL Energia and Light advanced by 2.56% and 0.73%. Meanwhile, the top-performer was Usinas Siderurgicas de Minas Gerais, soaring by 4.75% amid stronger commodity prices. At the same time, consumer services and industrials dragged the index lower. Gol Linhas Aereas Inteligentes and Embraer slid by 4.02% and 1.43%.

 

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