First the positive bankers and traders: financial flows and assets have jumped in the last 14 months or so. The Bovespa has more than doubled as international investors have moved into one of the largest emerging markets.
The rally has also been enjoyed by many local investors, who rode the stock performance generated by a rapid fall in the country’s risk premium and lower debt servicing costs from the fall in the base rate. Selic (the central bank’s overnight rate) is expected to hit 6.5%
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